We have all heard the well-known adage that the three things that matter most when it comes to property are location, location, location. This rings particularly true for anyone thinking about starting a business. You may not have decided what kind of business to pursue, but whether you are leaning toward opening a small independent boutique in a historic downtown setting or a burger franchise in a bustling suburb with booming growth, there are some key factors to consider when choosing a location.
Demographics – Knowing Who and Where Your Customers Are
Many successful franchise brands have accurately identified not only who makes up their core customer base but also where those customers live, which is just one of the benefits to investing in an established franchise brand. Wayback Burgers not only appeals to a wide variety of demographic groups, but their team will also help you analyze potential sites and work with you to find the best possible franchise location to optimize your chance for success. Demographics are also important when considering the local labor market – another key factor in building or growing your business.
Visibility & Access – How Customers Will Find and Get to You
Historically the success of any business could often be linked to its visibility and ease of access. Could people driving by see the sign from 500 or 1000 feet away? Did the success of your town’s busiest restaurant rely on foot traffic or was having access to nearby parking what drew customers in for lunch or dinner? Is easy access to your preferred pharmacy what keeps you coming back? Either way, these are still critical factors in determining the viability of a location, but they are no longer the only consideration. Online presence has become a key factor for the success of almost any business. Integrating technology such as the Wayback App can help customers find their nearest Wayback Burgers franchise location plus allows them to place their order ahead of time.
Costs – Rent, Taxes and Other Economic Factors
For most brick-and-mortar businesses, one of the biggest expenses is the cost of rent (the other being labor). What you may not know is that there are ways to avoid paying more than you should. With a multitude of factors to consider when negotiating a lease, such as asking rent, tenant improvements, single-, double- or triple-net leases, etc., it is important to do your research and make sure you have a commercial real estate broker you can trust. Franchises often have relationships with brokers who understand the model and will help guide you through this critical step toward business ownership.
Competition – The Threat is Real
Another benefit to investing in a franchise versus starting a business from scratch is that you may think you know who your biggest competitors will be, but most franchise brands have strategically identified their biggest competitors and becoming a franchisee will give you access to that information. The proximity of your location to competitors can have a considerable effect on the success of your business. The support and expertise Wayback Burgers provides during the site selection process can help mitigate this risk significantly.
Local, State and Federal Regulations – What You Don’t Know CAN Hurt You
We all know that government regulations affect businesses from Fortune 500 companies to mom and pop corner stores, but it can be a challenge to fully understand how all regulations – from Washington down – will affect your business. Minimum wage, for example, is set by the federal government at $7.25. However, many states also have different minimum wage standards. Zoning, permitting and occupancy standards not only vary by state but also by municipality. On the upside, the government also offers economic incentives for businesses located in specific states or towns. Support from a franchise team ensures you won’t have to go it alone.
If you are a first-time business owner looking for guidance, systems and support, or a seasoned entrepreneur looking for your next investment opportunity, franchising could be the way to go.