Location, Location, Location: Where to Open?

Your location is often a determining factor in your business’s success, so shop for one just as carefully as you would a new house. Check out the following three things you need to do so your "X" marks the profit spot.

Get Yourself on a Winning Team

Even with an agreement that includes the rights to a specific territory, there are probably a bunch of potential sites from which you can choose. From frontage on a highway to a plaza, your best bet is to find the most beneficial environment for your business type, and that’s where your franchiser's research quality and connections will prove useful. A company with an experienced site location team that works with seasoned brokers will be in the position to have your back, so that’s the franchiser you’re looking for.

Play Area Detective

The suitability of the building or center you’re eyeing is part of the overall equation, but you need to get the entire picture. Look at other things, especially area demographics, traffic patterns and even plans for future buildings. If direct competition is opening up across the street soon, it’s probably not the best spot for you. Traffic matters because if your store is hard to reach, customers might not come. With area demographics, you want to make sure your likely customer base frequents the area and that you understand the community because that could also affect your business.

Eyeball the Lease

Even with a great franchise, it’s still up to you to fully understand your lease. You might want to have it reviewed by a legal professional just to be on the safe side. The lease needs to allow you to meet your franchise obligations, such as signage and space configuration, and you can avoid anything unexpected later if you completely understand your lease upfront. It's much easier to fully plan for your business if you know all the potential costs going in, and that includes expenses that might come with the lease.

By using the tips above, you can find that spot of strip mall paradise or highway heaven that is ideal for your business and your bottom line. As with any other major decision, be ready to put in the research and scouting time to find the right location for your new business.