How to choose the best location for your new franchise

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As a potential new business owner, one of your first priorities should be location. The location of your store can make or break your business, and finding the best spot to reach your target audience for your budget will only enhance your chances of initial and ongoing success.

The best way to discover where you should open up shop? Know your ideal customer.

It’s important to not only know the basic demographics of who your ideal customer is (age, income, etc.), but also what their interests and values are. In addition, you also need to know how and why they shop.

Here are three questions to ask that will help you understand your ideal customer better so you can determine the best spot for your new shop:

  1. What part of town does your ideal customer shop in? Just because your ideal customer lives in a certain part of town, doesn’t mean they only shop there. Finding out the top places your customers like to shop can help you expand your location selection.
  2. Does your ideal customer prefer to shop in-person or browse online and then pick up their product at your store? Lots of customers today are looking for online/offline integration, however some customers still want to come in and have a look around. If most of your customer are going to do their shopping online first, your location doesn’t have to be in a heavily trafficked (A.K.A. more expensive) area of town. If you predict more in-person customers, then your location becomes a more important investment.
  3. Does your ideal customer comparison shop? If so, you could benefit from posting up near an established competitor. Customers will already be traveling to the area, and you can benefit from proximity exposure and customer overflow. Keep in mind this only works if you can compete on price and/or offer added value that more than makes up for the cost difference.

Answering these questions can provide you with more information on who you’re ideal customer is, and as a result, a better understanding of where you should set up shop. At Tint World, we help all our new business owners in selecting the perfect site for their location. If you’re interested in opening a franchise, visit www.tintworldfranchise.com for more information.

 

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