Finding a franchise location
Finding a franchise location
Good franchises will provide detailed selection criteria with information covering subjects such as the population of the surrounding area and the age and gender makeup if necessary, how many people visit an a town or city centre or shopping area and the amount of parking available.
With franchises that do not require face-to-face sales in a building, such as accountancy, internet and merchandising franchises, and also home maintenance and services franchises, an office or warehouse is often the best place to work from.
However, others need to sell products to customers either mainly or solely face-to-face, therefore they need to assess the places in their region where are lot of people visit or go past.
Large shopping centres or malls are certainly a place where there is a high amount of foot traffic and can present franchisees with an excellent location. It is likely though that extra charges such as area maintenance, association dues and advertising will have to be paid.
Other options are city or town centre shopping areas or neighbourhood shopping complexes in suburb areas which usually contain a supermarket and a few other large retailers.
These can vary in quality and the number of people who visit them so it is important to do extensive market research and obtain, if possible, figures detailing the number of people who shop in these areas.
Wherever the retail location, franchisees need to bear in mind where the retail spaces available are in relation to competitors and what its neighbouring stores are as most of them may attract and different target audience to what the franchisee is looking to get.
Once a possible location has been found, most franchisers will want to approve it and as well as how many people could potentially visit it and its cost, the franchiser will take into account the size of the building.
This is because there needs to be enough room for all the equipment and other stock, with ideally room left over if the business is successful and needs more staff and equipment.
The one potential obstacle left if the franchiser approves the building is the lease negotiation, which should involve a real estate broker.
Along with the franchiser and broker, franchisees need to ensure the rent and other costs such as real estate taxes and landlord insurance are reasonable.
In addition, franchisees need to ask if there is any financial aid available from the landlord in the form of free rent allowances and tenant improvement allowances.
Finding a franchise location - To learn more about this author, visit Diarmuid Kieran's Website.
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To run a successful franchise, franchisees need to operate from a location that is affordable, spacious enough and in many cases in an area where a large number of people go every day.
Good franchises will provide detailed selection criteria with information covering subjects such as the population of the surrounding area and the age and gender makeup if necessary, how many people visit an a town or city centre or shopping area and the amount of parking available.
With franchises that do not require face-to-face sales in a building, such as accountancy, internet and merchandising franchises, and also home maintenance and services franchises, an office or warehouse is often the best place to work from.
However, others need to sell products to customers either mainly or solely face-to-face, therefore they need to assess the places in their region where are lot of people visit or go past.
Large shopping centres or malls are certainly a place where there is a high amount of foot traffic and can present franchisees with an excellent location. It is likely though that extra charges such as area maintenance, association dues and advertising will have to be paid.
Other options are city or town centre shopping areas or neighbourhood shopping complexes in suburb areas which usually contain a supermarket and a few other large retailers.
These can vary in quality and the number of people who visit them so it is important to do extensive market research and obtain, if possible, figures detailing the number of people who shop in these areas.
Wherever the retail location, franchisees need to bear in mind where the retail spaces available are in relation to competitors and what its neighbouring stores are as most of them may attract and different target audience to what the franchisee is looking to get.
Once a possible location has been found, most franchisers will want to approve it and as well as how many people could potentially visit it and its cost, the franchiser will take into account the size of the building.
This is because there needs to be enough room for all the equipment and other stock, with ideally room left over if the business is successful and needs more staff and equipment.
The one potential obstacle left if the franchiser approves the building is the lease negotiation, which should involve a real estate broker.
Along with the franchiser and broker, franchisees need to ensure the rent and other costs such as real estate taxes and landlord insurance are reasonable.
In addition, franchisees need to ask if there is any financial aid available from the landlord in the form of free rent allowances and tenant improvement allowances.
Finding a franchise location - To learn more about this author, visit Diarmuid Kieran's Website.
Like this article? Share it with your friends
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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