Locating for success
Now that you have decided which franchise operation you'd like to open, sourced the capital and have your enthusiasm cranked up, you need the ideal site to start trading.
Alchemy Corporate Property Advisors and other franchise experts say the "ideal" site varies so radically that a one-size fits all description is impossible and pointless.
Follow this process to help you secure your "ideal site":
1. Define the basics: Question the franchisor at length about the ideal size of space.
Taking too much space after signing a franchise agreement is an easy mistake to make. Find out which stores are the top traders, and try to get them to crystallise what the property component, if any, to that success is.
2. Location, location, location: Are you located close to your customers? Is the location convenient for staff? Is it close to where you live?
3. Find a great site: By checking out a number of sites you develop a good sense of what might or might not work, and why.
4. Seal the deal: As franchisee your three most important property-related words are "representation, information and negotiation" .
l Representation: Paying someone experienced to highlight tenant-unfriendly clauses in the lease.
l Information: Your advisor should be someone who operates in that property niche.
l Negotiation: A landlord has an edge over a franchisee negotiating their site, so get good, objective advice.