Finding a Location for Your Franchise
When it comes to business, location is a very important factor that can make or break you. When buying a Phoenix franchise, it may be even more important. Not only are there other businesses to watch out for, there are competing franchisees. When looking for the perfect location for your franchise, here are four things to do.
- Understand your franchise. The first step in finding the perfect location is to understand the concept of your business. Who are your ideal customers? What demographic are they from? How do they shop? What drives them to shop? Do your ideal customers impulse shop, or do they seek out products like yours? The answers to questions like these will help you figure out what type of location you are seeking.
- Get support. While your agreement with your franchisor may limit you to a particular region, you still could have many potential sites within that region. Consider roadside shops, strip malls, professional buildings, kiosks, indoor malls and more. It is important to find the best location that will fit the franchise you are buying. Usually, the best way to fund your ideal location is to work with your franchisor, which will definitely have its own success in mind and has most likely analyzed the best types of locations for its business. In fact, many franchises require you to get their approval on any location.
- Scope out the area. Finding the right storefront is the first step, but you also need to learn more about the area. Are there competing businesses in the same area? Will they end up hurting your business? What type of people frequent the area? Are they potential customers for your business? Is there suitable traffic in the area? Is there enough parking in the area? The location may seem perfect on paper, but without the right amount and type of traffic, your franchise could still fail.
- Go over the lease. If your franchisor will not get involved in the actual lease-signing process with you, it is up to you to go over all the details of the lease. Seek out legal counsel to help you go over the final details, so that you fully understand the lease and there will be no surprises. Commercial leases are usually written in a way that strongly favors the landlord. Depending on the market, there could be a lot of room for negotiation. There may be hidden charges, and other dangerous terms to look out for.
Finding the right location is vital to the success of your franchised business. If you are in the market for the right location, use this list to help you determine the best place for your business. Don’t forget to get legal advice from an experienced franchise attorney before you sign any contract.
Written By Brad Denton
40 N Central Ave #1400
Phoenix, AZ 85004
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