Location, location, location

Location, location, location

Sarah Stowe
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It’s the mantra in real estate but what does getting the right location look like if you’re buying a business?

When it comes to developing any service or retail business that is not purely online, location is an important part of the mix that can lead to success. Even the best operator with a popular brand can struggle to achieve their goals if the business is poorly located.

Key points highlighted

In this podcast we consider the golden rules of site selection, the role of demographics, how the franchisor can help secure a good location, and the pros and cons of shopping centres.

We also look at the important differences between types of territories for mobile and service-based businesses, and what franchisors should be doing to right-size their territories.

Show notes

Finding a good location is dependent on a number of factors. There are independent resources available that provide useful data to help inform your decision.

Your franchisor should be using a scientific approach to finding locations and shaping territories by harnessing third-party data.

The Property Council of Australia provides data including shopping centre research useful for franchisors to shape their strategies. Ask if your franchisor is using this information.

You can access demographic data and trends at the Australian Bureau of Statistics too.

It helps to know what you are looking for, and how to interpret it, and your franchisor is your first port of call here. There are also independent mapping services who work with firms to create viable territories.

Check with your local planning department to find if there are any developments scheduled for the area you are looking at.

Download your free handbook

Inside Franchise Business has produced aFranchise Handbook. This free downloadable guide brings together the most useful and important information and expert advice on buying a franchise. It’s also available in bite-sized articles so you can select what you want, when you want.

You can also listen to the Buying a franchise podcast series. This is an easy way to digest useful information about the buying process and what to look out for as you research franchising.

We recommend obtaining professional advice from an accredited advisor before relying on information in this podcast. The publisher, the authors, the editors, as well as all their respective employees and agents, shall not accept responsibility for loss or damage arising from reliance on information in this publication.