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Get the perfect location: Finding a place for your franchise

You decided to open a franchise, and that's an exciting thing to do. It's very important to open this franchise in a good location, so you can make the best of this opportunity.

After you sign the franchise contract, it's important for you to get it up and running. Now that you're ready, you can make sure you get the best location. How? Start by looking at how well other businesses do in the area. Busy plazas are fantastic for new franchises, especially if there are few similar franchises open in the area. You may also want to look at the cost of the new location, because weighing footfall against your expenses is vital.

Usually, people opening franchises work with a real estate professional to find that perfect location. Since these individuals already know the area and work with franchisees, they know what you're looking for. You may also want to work with your attorney to make sure any contracts or leases you sign are in your best interest.

Of course, no matter who you work with, the final decision comes down to you. You get to decide on where you want the location of your business to be based on a number of factors. Look at footfall, demographics and vehicular traffic. The more people who see your business, the better, but only if they're in the demographic you want.

Choosing the right location may take a little while, but when you're working with a turn-key franchise, location is the key you need for success now and in the future.

Source: U.S. Small Business Administration, "Finding A Location For Your Franchise Business," Joel Libava, accessed April 10, 2017

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