If you are interested in starting a franchise business, you will soon realize that targeting new locations and markets is vital to the long-term success of your franchise. There are two aspects to this:
- Choosing regional markets in which to focus your franchise sales efforts
- Choosing specific franchise locations that set your franchisees up for success
Choosing where to sell franchises
Many franchises start local and grow regionally, then nationally and even internationally. Whether or not this is a good model for you will depend on the type of business you are franchising, but focusing on dominance in a particular regional market that you understand can help you establish a strong base for your franchise company before selling franchises in new markets that require more research and may have different cultural and economic implications that you will need to take into account.
Choosing successful franchise locations
Depending on your franchise agreement, you may have veto power when it comes to your franchisees’ locations. While one of the benefits of franchising is that your franchisee assumes most of the risk when opening new locations, it is still in your best interests to have a hand in the selection of new locations.
The location of your franchises not only affects their financial success, but also the brand image overall. Consider the type of customers you are targeting. Where do they shop, dine out, or go for entertainment? That’s where you want to be. If a franchisee wants to open up shop in a location that is incompatible with your brand, it’s time to step in.
If you are ready to franchise your business, call Tom Rather at 1-866-361-9940 to learn how Franchise ASAP can help you franchise your business quickly and affordably.