Posted November 8, 2018
You may have found a franchise product that you love, but for your business to be a success it is vital that you open it in the right location. In fact, many franchisors won’t even commit to selling you a franchise until you and their real estate department have found a location that is highly likely to succeed. Have you considered ...
Availability of Labor --
Are there neighborhoods nearby where potential workers live? Are there high schools or universities in the area – many franchises rely on hardworking students to staff the store. You don't want to end up with plenty of customers but no workers to sell the product to them, so be sure your location has an adequate labor pool.
Close to home –
Even though you’ll be hiring workers to staff the store, most successful franchise owners still end up spending a lot of time at the store themselves – either working shifts when no one else is available or traveling to and from the store to drop off supplies or paperwork. Many franchise owners struggle if the location is more than an hour from their own home.
Traffic Counts –
Get yourself a handheld tally counter (or a tally counter app for your phone) and start clicking -- one click for each person who walks past the location. After 15 minutes, record the number, then multiply by 4 to get an estimate of how many potential customers would walk by in one hour. Then come back to the same spot, at different times and different days, to collect the same information. You might be surprised by the foot traffic results you get.
The Competition –
Tour the whole mall and scope out anyone with a similar franchise or product. A huge shopping center might have enough foot traffic to support more than one store with a similar product, but some businesses have exclusivity clauses in their mall contracts that would prohibit you from opening a similar business there.
When opening a small business, “Location, location, location” is essential. Take the time now to really investigate possible places to open your franchise – it really can make the difference in whether your business will be able to just cover costs or generate the profits you’re dreaming of.
Think you might like a franchise that sells delicious snacks and creates smiles? Consider becoming part of the Doc Popcorn team! Find out more about our products and flavors, or better yet, visit a location near you! We offer different franchise models to meet your needs. Learn about franchising.
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