What should you do when choosing a venue? Location is one of the main keys to success. Furthermore, choosing a location, for many, is the most important variable, especially for companies that depend on the recurring visit of their customers.
Therefore, you must apply yourself and look for the best possible place. Remember that the franchisor will give you everything you need in terms of operations (brand, manuals and equipment) and that they can also advise you on the choice of the point of sale. Approach him and ask for his help.
Now, you can learn to choose a location for your business. At this point, the first thing you should be very clear about is the profile of your potential customers. This information can be obtained directly from the franchisor. What does it consist of? You must know who they are, why they will come to see you, at what times, how often, their socioeconomic level, etc.
10 key questions when choosing a venue
If you already know who your regular buyers will be, use this guide with 10 key questions to make the best decision when choosing a store.
1. Will you be close to your customers?
If your business does not depend on the public that travels on the street, proximity is key.
2. Is the place adequate to serve your clients well in terms of space and design?
Ask for help and do not forget that many franchisors do not authorize a contract until they see the chosen location.
3. Do you have enough money to pay for it and not unnecessarily raise your expenses?
Many entrepreneurs make the mistake of spending more than their business model supports. This is an important point, but so is your financial health.
4. Is it a place with easy access: with good public locomotion or expedited transportation routes?
It’s not always as the saying goes: If you build it, they will come. Especially in cities with a lot of traffic “as in almost all the capitals and large cities of Latin America” it is vital that you decide on a place that facilitates the arrival of customers.
5. If your clients will arrive by car: Do you have your own parking lot or a place to help them park?
This is a deciding factor for many customers, especially moms with young children and older adults.
6. If it is a place where people walk: can you get their attention and promote yourself using signs or distributing free samples of your product on public roads?
Imagine the place and think about what marketing activities you can do to attract more buyers.
7. Are there companies nearby with which you can establish agreements?
This is a great way to secure sales and promote your business. It is ideal for your business to be close to hotels, corporate offices, hospitals or centers with high public attendance.
8. Is there competition in the area: who are they, how do they operate and how are they promoted?
It is an important factor not only to choose your point of sale, but to define your business plan.
9. Will you be able to find skilled workers for your business in a nearby area?
Your business is done by your employees. If the labor you need is highly skilled, make sure you are close to where they live.
10. Will you be able to stay in the premises for several years or is there a risk that the point of sale will be taken away or closed?
Most of the rental contracts for commercial premises do not go below three years. Still, review this issue with your lawyer.