The location of the outlet is also of extreme importance when an entrepreneur opens a franchise because the location will decide its profit and visitors.
Location is one of the most important factors that is kept in mind before opening an outlet. It should fulfil the needs and demands of customers as well as the store. There are many franchises available that provide particular location criteria where their outlet will be opened like they may specify that the outlet should be in an area which away from the marketplace in a peaceful environment or maybe near or in the marketplace. These things are covered in the agreement under the heading
demographics or something related to area or location, visible site, etc. because this will lay a bigger hand in the success of the business. Many times, location also caters for reducing the extra expenses like travelling, delivery, etc. For example, an outlet located near the railway or bus station would have less travelling and transportation expenses as compared to the one located away from railway and bus stations. Location with the availability of parking areas nearby or a busy traffic pattern would also be a good place for an entrepreneur to set up a store or start a franchise. Facilities available near the source also caters towards the enhancement of the growth of the store.
The franchise part of the business model provides the entrepreneurs with a great opportunity to lay step stones for their business. It is probably one of the best opportunities for entrepreneurs who are fresher and are ready to enter one of the most competitive fields in the world. The biggest advantage that an entrepreneur gets after buying a franchise from a renowned brand is that the entrepreneur would not have to spend much in gaining the same or for making the people aware of the brand. They just have to invest in it advertising off the location of that particular brand and when we talk about food franchises we mean the brands that provide food services and products to the public.
It is a tough job to find a good location for your Franchise outlet. A few tips that might help you in this are listed below.
- Know who your target audience is-is- Knowing about the target audience is one of the most important parts while running a franchise. This makes the entrepreneur satisfy their clients easily and maximize their profit and keep their customers loyal to the franchise.
- Have a careful and thorough understanding of the lease- It is of utmost importance to have a thorough understanding of the lease of the place in which the outlet is running. So, there is no problem in using the site for commercial benefits and the tenure it is being used.
- Take help from the franchisor- Site selection can also be done by taking the advice from the franchisor as the franchisors are the experienced players in the same field and they would suggest a better place for the franchise outlet so that it can easily cover their target audience.
- Do good research on the future viability of the place- It would be a good idea to know how the place is going to develop in the coming future. This can be done by researching the market, audience, level of expense, etc. at the particular place.
- Look for your competitors- Knowledge of the deeds and happenings of the competitors is yet another big thing to be taken care of while running a franchise. It would help the entrepreneur to know what the competitors are doing in the present world.
Karan Makan
Technology Engineer and Entrepreneur. Currently working with International Brands and helping them scale their products Globally through different ventures. He owns Multiple Food Brands and is on a continuous spree to acquire many more businesses in the coming years. With over 10 years of experience and strong background in Brand Acquisition, Karan Makan is soon poised to be a Brand in the coming years.
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