Considerations for selecting a franchise location
- Monday, May 24, 2010
Because a franchise company's brand and operations are already established, franchisees don't have to worry about many of the decisions that must be made when a business is built from the ground up. However, there is one crucial factor that still needs to be determined - location.
Inc. magazine recently offered advice for business owners looking for the best place to take advantage of a franchise opportunity.
The first step, the magazine says, is to know the concept of the franchise business inside and out. This will allow owners to consider factors such as where customers live and what drives traffic and sales.
It's important to then do proper research with the franchisor. A strong relationship with the franchisor is key to understanding the exact requirements and regulations of the business, the magazine says. Talking with other franchisees and carefully evaluating potential sites are two more smart steps to take.
When the right location is finally found, Inc. says, make sure a real estate broker and franchise attorney are involved to close the deal properly.
If a franchise is new to a particular area, the right combination of research and quality can make all the difference. In an article for AllBusiness.com, a group of experts said introducing a new franchise can lead to big advantages.
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