The location of your franchise is critical to its success in the long-term, and as a franchisee, it's important to take many factors into consideration. Whether it's a shopping mall, an independent site, or a newly renovated building, there are steps involved between selecting the site and signing the papers. When franchisors extend an agreement for you to open your franchise, they also expect to have some participation in selecting the real estate location of your business. Some franchisors will be very specific about the site, while others will offer some examples. Research before selection may include a target demographic analysis, market study, or other consumer-driven data. This will help in targeting the best location for all parties involved.
Some franchisors will look to you for information about your market. They may work with you to review a few different sites before making a final decision. Whatever the case may, by, it's wise to consult with a commercial real estate agent and a lawyer who specializes in leases for your property. These industry professionals can give you strong advice on where to invest your money for your franchise operation, and how strong of a fit it would be for your business. The franchisor will outline in detail what their expectations are in the Uniform Franchise Offering Circular.
As a franchisee, you may need to research the area to find the right fit. Franchisors generally do not take responsibility for a poor location, but may need to approve a site for development. The UFOC will also outline if there is a territorial exclusivity clause included in the contract; this may push or pull you to a particular location. Making sure you understand the franchisor's requirements is essential before any papers are signed.
You both need to feel like you are making the right decision, so communication is also a key part of the process. Working with a real estate broker will help the franchisee find the right location at the best price. Commercial real estate agents are professionals who know the area well; they may also work with your lawyer or attorney to ensure that all of the franchisor's conditions are met, and that you are able to negotiate the property at a fair price.
Franchisors can help you when it's time to review the lease, and set up the specifics of the transaction with clauses and caveats highlighted.
Tristan Andrews writes useful articles about franchises. Discover and explore the world of Franchising. Find out how owning a franchise can expand your financial horizons at http://www. franchise-guide. org/
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