Making business is now part of the trend. There is now a ubiquitous rise of small businesses due to the immense profit which one may derive. Franchising is among these prevalent business forms. Franchising invited glare of publicity primarily because it involved world-renowned companies like 7-Eleven, Dunkin’ Donuts, McDonald’s, and a lot more. Another reason why franchising is highly patronized is because of the ease in the acquisition of business. Through franchising, there is no need to start a business from scratch. Franchisees will only have to pay the franchise fee in order to purchase the trademark or business name known to target clientele. Hence, there is not much fuss as to advertisement, promotion, and market.
One of the most significant phases in franchising is the choice of business location. Franchisee or not, it bears significance to find a place which is suitable for business, accessible to target market, and as much as possible cheap. Some may simply rent out a building or construct a new one. In any case, be guided by the following suggestions
The best way to start off in finding a perfect business location is to do your own research. This must be done alongside finding the target market. Prior research of possible business locations can be done personally or with the help of agents. By making a prior research, one will know whether the location is suitable for a specific franchise business. A franchisee can also personally evaluate the premises, see what needs to be improved or constructed. Ocular visit to the location also allows conceptualization and planning. Moreover, dealing directly with sellers of real estate allows the franchisee to negotiate for terms mutually beneficial. It gives the proper venue through which a franchisee can negotiate for cheaper rentals or purchase price without sacrificing quality.
Another smart way to negotiate for the best location for a business is to work through agents. A real estate broker or a lawyer can thoroughly fix the deal. They are persons specialized in the aspect and can take charge of all legal and documentary requirements in acquiring the property. Working with such agents entitles the franchisee to be protected on matters which are often left unnoticed. Also, there are things better left to the conduct of agents like tax obligations.
In choosing a location for business, it is also important to study the pace. Note the qualities of the location and identify its advantages and disadvantages. If the disadvantages outweigh the beneficial qualities of the location, it is best to look for other places. One cannot gamble as to the location because it will serve as the foundation of the business. If the business location is convenient but not strategic, the business will likely fold up. If the franchise business is service type like restaurants, shops, or stores, it is best to find a larger area. The business place to seek must be sufficient to have an office and parking space. If possible, the business place must also be close to busy streets, office parks, and business districts. This will attract more market while bringing down competitors.