Investing in a franchise is generally considered to be much less of a risk than starting a business from the ground up, especially if it’s in an established franchise business that boasts a stellar reputation.
However, choosing to invest in one of our franchises—or any franchise for that matter—doesn’t mean that you can just sit back and watch your new franchise grow while money rains down from the sky. There are still a number of factors that can have a big impact on whether or not your new franchise will do well. One of these factors is where you will open your franchise location. The location of your franchise is of incredible importance. The following are five steps that you should take to ensure that you find a good location for your new franchise:
1. Find the Right City
When it comes to figuring out where to open up a franchise, look for cities that not only have larger populations (the more people, the more potential customers), but that have experienced steady population growth over the past few years. Steady population growth is often linked to a strong economy, which is what you’ll want for your franchise to thrive. Additionally, a strong economy means that there will be more locally owned companies in business and opening up, which is perfect for Supporting Strategies franchise owners.
2. Look at the Cost
In some cases, you may save some money by leasing a store location that isn’t very accessible. What seems like a good deal at first may not work out, especially if you’re not getting any customers.
On the other hand, a store location in the middle of a busy street full of pedestrians may cost quite a bit more. While you will get plenty of exposure to passing customers, the cost of the lease may be too much to make sense. These are two things you’re going to have to juggle when figuring out what you can afford—fortunately, a good franchisor will offer support in finding a good lease and even with helping to negotiate the lease.
3. Look for Accessibility
If the store is miles away from a main road, you’re going to have a problem attracting potential customers. The more accessible your location is, the better. For example, a store that has an access point to a main road is often a great location. So is a store located in a strip mall or a mall, where there is plenty of parking available.
4. Look for Exposure
Look for populated areas that see a lot of foot traffic and vehicle traffic. Sitting off a main highway isn’t going to do much good if the store is all by itself and people have no other reason to turn off. Outlet malls and indoor malls are good examples of this. Consider your audience as well. Supporting Strategies targets growing businesses, which means areas with a lot of locally-owned businesses are a great option, such as your city’s downtown area.
5. Check Future Plans
If the location you’re looking at has average accessibility but is available at a good price, but you know that there are plans for building a mall across the street or a large parking lot, then this could be a good spot to invest in.
These are five steps to take when choosing a franchise location. For more information on finding the perfect location for your Supporting Strategies franchise, contact us today.