Opening a successful franchise or any type of business requires making the right decision about quite a few different things. Of all the decisions you’ll need to make, site selection is one of the most important. Research into what makes franchises successful has found that choosing the wrong location is one of the top reasons franchises fail. Even if a franchise is in a growing market and has a great marketing system, selecting the wrong site can prevent it from succeeding.
If you’re wondering why franchise site selection is so important, the first answer is visibility. When a location is hard to see or find, it’s going to significantly limit how many people come to it. A poor location that’s hard to access can even discourage potential customers who were planning to come. Cost is another important consideration. Being able to accurately calculate projected revenue and compare it to the cost of renting, leasing or owning is a must. Including these and other factors like zoning as part of an in-depth analysis will help ensure that you fully understand a specific site.
Franchise Site Location Tips
When you start looking at potential site locations, it’s important to have a deep understanding of the demographics that your new franchise location will be targeting. By knowing what customers you’re going to want to reach and serve, you’ll be able to put factors like how much traffic a site receives during different times of the day in the right context. You’ll also want to evaluate if a specific site is located near complementary businesses or any competitors. Available parking space is also an important consideration.
Once you’ve reached the point in this process where it’s time to negotiate a deal, it’s best if you can negotiate directly with the listing agent. Taking this approach will put you in a strong negotiating position and give you the best shot at securing a great deal. Starting your location search earlier in the franchising process rather than later will also help you avoid feeling crunched for time.
Get Expert Leasing and Purchasing Guidance
Since selecting the location for a franchise is such a big decision, it can quickly get overwhelming. That’s why it’s reassuring to know that this isn’t something you have to figure out on your own. When you become an All About Kids franchisee, you will get expert support before you even break ground on your new location.
We will help you explore leasing and purchasing options for different site locations. We’ll also assist you with evaluating financing options like a conventional bank or Small Business Administration (SBA) loans. So if you’re interested in getting on the right track for a successful franchise business, contact us today to learn more about everything that All About Kids has to offer.