Location can have a huge impact on the success (or failure) of your business.
Yes, most franchisors will provide you with their specific location criteria but you need to do your own homework as well to ensure that you have the greatest chance of success.
Here are four tips to help you choose a great location for your new franchise.
1- Scrutinize the Traffic Patterns
It may seem trivial, but the traffic and parking patterns around your location can make a huge impact on who patronizes your business or just drives on by. To truly grasp a solid understanding of how important this is, drive to the location from different directions and at different times of the day. Pull into the parking lot and determine if there are enough spaces. Sit across the street and watch the area. Think about public transportation and foot traffic as well.
2- Consider the Competition
You want to corner the market in your area so you can maximize the number of customers coming through your doors. There isn’t much point in being the fourth pizza joint within a two block radius and splitting the pizza customers four ways, for example. That’s why it is so important to consider your surrounding competition. Does what you offer stand out from what’s already in the area? Is there a location that is lacking what you can give them?
3- Examine the Area’s Economics
Take a moment to examine the economics of the area in which you want to open for business. Is your product or service in line, price-wise and quality-wise, with what people can afford and want to spend to get it? On the flip side, can you afford the neighborhood? Will the rent, taxes, and insurance eat too much into your profit potential?
4- Deliberate on the Demographics
It’s important to deliberate on the age, social status, and preferences of the locals in a potential area. Whoever lives or frequents the neighborhood will be your customers so be sure to cater to their needs, desires, and tastes.
When you find what you believe to be the perfect spot to open your franchise, seek the support of your franchisor. They will offer their suggestions and advice and will help you navigate the real estate system.
For more information about owning your own Bruges Franchise, contact us today.