What you should know about your franchise site or territory
Managing Director of Spectrum Analysis , Peter Buckingham, recently discussed the importance of what can be done or should be done by you and Franchisors in order to give you some confidence in what you are investing in.
Key factors to consider for your next franchise opportunity
- Shopping centre: Where in the Centre are you going and what type of precinct are you in? Is there any competition?
- Shopping strip: What is the strength of the shopping strip and what are the major generators that will pull potential customers? Where in the shopping centre are we locating in terms of the busiest to the quietest section of the strip? Can we measure the car and pedestrian traffic that we will be relying on to bring customers to us?
- The Service business: Most service businesses offer you a territory - an area where all the leads come to you, and hopefully you can exclusively market within it to gain new business. The logic of how these territories are established must be of high interest to you. The more mature the Servicef franchise is, the more attention has normally been paid to making this a fair distribution
- Traffic Estimates: Whilst there are some state government websites and local Council counts available, the large franchise systems, including the largest fast food, and the largest oil company now have traffic estimates in their computer systems.
Don’t be caught out where your business fails. There is information and processes available to assist you (and the Franchisor) to make better decisions.
If the Franchisor is large and established, the better should be the work done behind the scenes to make your business prosper.