Franchising can certainly be less risky than starting your own business from scratch. The franchisor has already done a lot of the work for you: they’ve created a strong business plan and they’ve built strong brand name recognition.
Before you can capitalize on their good work, though, you first have to figure out precisely where you’re going to locate your franchise business. A good franchisor will work closely with you and there’s plenty to think about on your own when you’re scouting a location.
The old adage still rings true when it comes to franchising: location, location, location. Here’s our guide to picking the perfect site that will allow you to become a successful franchisee.
Selecting a Franchise Location: Know the Principle Inside and Out
The first step is to understand the concept of your franchise business. To find out what makes your franchise business of choice tick, you’ll need to work closely with the franchisor to learn the answers to the following questions:
- What drives customers to the business?
- Who are its target customers?
- Where do those target customers live?
- Are your customers coming to you, or are you going to them? (In this case, location is less important and you might even be able to start a home-based franchise.)
- How and when do those customers interact with the business model?
- Does it rely on impulse sales?
Good franchisors (the type you want to be in business with in the first place) have already done a lot of the market research for you. It’s in their best interest to keep track of demographics, and they’ll share the information with you. They also have an important something you might not have as a first-time franchisee: experience.
Investigate what sort of territorial protection you have. You’ll want to make sure that the territory you have carefully selected is exclusive to your franchise unit and will not expire unless you don’t renew your franchise agreement. Make sure that both of these elements are in place or another franchise unit could encroach on the territory you have cultivated.
Selecting a Franchise Location: Recognize that Criteria are Different for Non-Retail Sites
Retail franchise businesses only account for part of the wide variety of franchise business options to choose from. It makes sense to pursue a home-based franchise when you are going to your customers, rather than your customers coming to you.
To learn more about fun business opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.
High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.Read more
Written by: Dan on May 8, 2013 @ 3:53 pm
The most successful people in the world say luck is a huge part of the achievement. Here’s how you can increase your odds. Super-successful people believe in luck. They believe in it more consistently than they believe in education, creativity, investing, and a lot of other things commonly associated with building wealth. A recent survey [...]Catogories: Business Model, Business Operations, Economics, Education, Entrepreneurs, Franchise, Franchise Investment, Franchise Marketing, Franchisee, Start a Business, Uncategorized, US Economy
Written by: Dan on May 3, 2013 @ 4:47 pm
High Touch High Tech, Inc. has been honored with a recognition by Entrepreneur Magazine in its selection of “Best Of The Best: Franchises That Are No. 1 In Their Sectors.” Check out the national press release below: Asheville, NC (PR Newswire) April 24, 2013– Announcing a special recognition appearing in the May, 2013 issue of Entrepreneur Magazine published by Entrepreneur Media. High Touch High Tech was selected for the following honors: [...]Catogories: Business Operations, Children's Market, Education, Entrepreneurs, Franchise, Franchise News, Franchisee, Start a Business
Written by: Allen on April 25, 2013 @ 8:36 pm
Email has been an indispensable service for franchises even before the invention of the web. All franchises use it and will use it for the foreseeable future. Email workflow sits at the center of the franchise office’s productivity; the more each franchise employee gets out of email, the more productive the entire franchise will be. [...]Business Operations, Email, Franchise, Franchise Marketing, Technology Training, Training
Written by: Dan on April 16, 2013 @ 5:18 pm
Should you buy a franchise, a business opportunity, or go it alone? Don’t leave this important decision to chance! Do you want to be an entrepreneur. Just how do you get started? This is the question facing almost anyone looking to get into their own business, and there are basically three answers: Buy a franchise, [...]Catogories: Business Model, Business Operations, Entrepreneurs, Franchise, Franchisee, Start a Business
Written by: Dan on April 11, 2013 @ 7:09 pm
Thinking of buying a franchise this year? If so, you will have company. Nearly 11,000 new franchise units are expected to open doors in 2013 in the U.S., according the International Franchise Association. Wednesday, the IFA released its first quarterly update to the highly watched economic outlook & the numbers are promising! Reports show that the number [...]Catogories: Business Model, careers, Children's Market, Economics, Education, Entrepreneurs, Franchise, Franchise Investment, Franchise News, Franchise Profits, Franchisee, Franchisor, Start a Business, US Economy
Written by: Allen on March 20, 2013 @ 9:59 pm
Even the most technology resistant among us are coming to realize, through constant bombardment by its bombs of influence, that the explosion of technology has become one of the most important factors to success in business. Franchisees will benefit greatly from association with a franchisor who leverages technology to maximum effect. Here’s are several franchise-crucial web [...]Business Model, Business Operations, Entrepreneurs, Facebook, Franchise, LinkedIn, Technology Training, Training, Twitter
Written by: Allen on March 1, 2013 @ 9:23 pm
A free tool has emerged that can be used for a wide range of franchise communcations, including rich interactions for marketing support and technology support. Join.me is compatible with all recent versions on Mac and Windows platforms. Up to 10 participants can join a franchise or franchisee hosted conference held on any users computer using the [...]Business Operations, Start a Business, Technology Training, Training
Written by: Dan on February 5, 2013 @ 7:03 pm
A favorite adage of my college journalism professor was this: “Assume the reader knows nothing, but don’t assume the reader is stupid.” In other words, deconstruct the complex to make it easily understood, but don’t dumb it down. In my years since school, I’ve realized the wisdom of that approach applies not just to journalism, [...]Branding, Business Model, Entrepreneurs, Franchise Marketing, Franchise Pricing, Franchise Profits
Written by: Allen on January 25, 2013 @ 8:38 pm
In 2011 Steve Chen and Chad Hurley, the creators of YouTube, purchased the already popular social bookmarking site delicious.com with plans to transform it into a social bookmarking destination using the same talents that enabled them to sell their last creation to Google for 1.65 billion dollars. Social bookmarking is a simple and powerful way for franchises [...]
Tags: social mediaCatogories: Franchise, Franchise Marketing, Franchisee