Oct 25, 2018
Location, location, location. We all know that the location of your business is critical. Good locations to franchise are characterized by high customer traffic, low competition, and future growth or stable environment. Finding such a place is one of the most vital decisions you will make as an owner.
Here are some tips to consider when searching for good franchise location opportunities:
There really is no such thing as a bad business location, but there are bad fits and inappropriate uses of space. Some sites work well for certain businesses, but another might struggle in the same spot.
A company and its customers both have needs, and the selection of your location must fit those needs. Brainstorm some ideas and put together a description of your market.
If you expect your customers to drive to your store, your location should be next to busy roads, intersections, and highways. You also need enough parking for your visitors and employees. If you expect walk-in traffic, a spot near a neighborhood, park or shopping center is ideal. Consider the draw stores. Larger retailers bring in crowds but changing consumer trends may affect these businesses.
Plan to visit several potential locations during your search. You are likely to see things you like and things you don’t in each place you go. Keep your eye out for the one place that meets most or all of your criteria.
Spend time at each location and plan out your business model. Where will you place your equipment? How will people enter your store? Walk and drive around the area and test the view. Does the location naturally draw the eye as you move past it?
Perform a manual traffic volume count:
Repeat this method during different hours and days to get an idea of the local population’s habits and routines. Compare your counts to demographics information from the area. A large population combined with low traffic volume indicate the site is unpopular.
Visit your city planning office and research development projects. If the location is next to a growing community, expect traffic to increase over time. If there are plans to redirect major roads away from the area, reconsider this location.
The cost to open a 7-Eleven franchise varies based on location. Your Franchise Sales Representative (FSR) can help you choose the location that will best meet your needs and criteria.
You may conduct much of your research online. Access websites for information and make estimates using mapping software. Your contract establishes your franchise territory. Create visual representations to analyze your market. Geo-Analytic software provides reports with comprehensive traffic and geographic data. Knowing exactly what the public is doing can help you target sections of your territory you may have otherwise missed.
If you don’t know where to open a franchise, ask for help. Your franchisor might guide your search by offering advice or discouraging bad choices. Franchisors might also place restrictions on the type of location or insist on a stand-alone building.
The location of your business is often the single biggest decision you must make as a new Franchisee. Consider your options carefully and pass on tempting spots that don’t exactly meet your needs.
Luckily for you, 7-Eleven takes care of the hard part. Our real estate team develops the perfect locations for 7-Eleven stores, all you need to do it pick the location perfect for you. 7‑Eleven has over 8,600 stores across the U.S., so we’re pretty sure there’s one available for franchising in your neighborhood. Find it here!
Click one of the links below to find a store near you, or to register for a webinar or seminar. Our webinars are free and available throughout the week, and we probably have an upcoming seminar in your area: