Location, Location, Location. It may be one of the most overused phrases, but it never loses its importance.
Before you start shopping for a business space, you need to have a clear picture of which area you want to invest in. Picking the right location might be the single most important step in the startup development phase, as location affects competition, visibility, customer traffic and ability to market your business.
When buying an F45 franchise, you will be granted an exclusive territory, governed under your franchising agreement. This is a specific radius in which you are allowed to conduct business to ensure your interests don’t conflict with the services of another F45 studio. Simply put, you would not expect us to sell a license to a new franchisee around the corner from where you are located. Under the territorial terms of your contract, you cannot market yourself or take referrals for new business outside your territory, as this will constitute a breach of contract.
Some territories are allocated according to geographical boundaries, while others are determined by population density. However, revenue forecasts, growth, and potential profitability vary across regions , and due diligence on your part will help assess the potential of one market over another.
It’s important to remember that a larger area doesn’t necessarily mean more business. Your targeted territory could be as big as New York City, but if you don’t have enough of your market living in this area, you may struggle to generate foot traffic. While more populated areas usually offer a larger customer base, affluence is also a key factor in profitability. This is why territories in big cities are divided into smaller parts more often than rural communities are.
Another factor to consider when location hunting is your current place of residence. Most franchisees prefer to conduct their business close to where they live. Traveling long hours after a hectic day increases stress levels and can negatively affect your effectiveness at work. A shorter commute to work also means increased productivity throughout the day. Choosing a territory close to home has the added advantage of existing market awareness, as you are already familiar with the area and the type of customers you will be servicing.
Using F45’s territory map
F45 has made it easier for aspiring franchisees to find the best location in their preferred geographic region. We’ve created an interactive map on the Mango Mapping platform to showcase the territories that are reserved and ones that are currently available. If you’re interested in becoming an F45 franchisee, you can visit the Mango Maps link to explore the various regions ready for the taking.
Our untapped markets are highlighted in green to show the designated boundaries in a particular city or town. Clicking on a polygon on the map will automatically pull up demographic information about that area, such as working population and median household income. If you’re scouting an urban area with a dense population, you’ll notice areas that aren’t highlighted in green. These represent areas that have been sold or reserved. However, if you move toward the outskirts of the city with fewer people per square km, you might come across an area not highlighted in green that may still be available. If you’re interested in one of these areas, inquire to see if you can develop the business opportunity. If you need additional help navigating the map, check out this short clip.
We use the latest demographic statistics available and update our maps in real time. Even if you bookmark the link, you can be confident that the information you’re looking for will be available.