January 15, 2024

5 Tips to Find the Right Location for Your Business

SpeeDee Oil store

Discover the best real estate for your needs in any market

One of the questions we frequently hear from potential SpeeDee Oil Change & Auto Service® owners is “How do I find the best location for my business?” It’s a good question, and we have an expert on staff who helps our business owners find the best real estate.

Joe Stephens is Senior Director of Real Estate at FullSpeed Automotive®, the parent company of SpeeDee and Grease Monkey®. Joe has more than 15 years of experience working with franchisees on building, lease negotiations, and site selection.

He has five suggestions for how to navigate finding the best location for your store.

Conduct thorough market research

Research the market and learn all you can before searching for a location. Look into everything from local market trends and demographics to traffic patterns, competition, zoning requirements, EPA regulations, and accessibility — in addition to a thorough analysis of target audiences to ensure that locations are a good fit.

At SpeeDee we collect this data about potential locations. Then we use the data, along with predictive analytics, to project their likely performance. We also may send out a real estate team member to do an in-person inspection of the site. 

Build quality relationships with brokers

You have the upper hand when it comes to site selection. By having a franchise model in place and a real estate expert from our team who already has broker relationships, you’re 10 steps ahead of everyone else. 

Joe Stephens

Joe Stephens

Once you are introduced to brokers, you can build a relationship with them and be in a great place when you are ready to open location No. 2. 

Make sure the brokers are boots on the ground, are looking far enough out for ground-up sites, and are hands-on by providing site rides to get to know you and your business better.

Invest in quality analytical tools

The right tools will set you up for success. Proper analytical tools help you find locations and details. They also help you validate the results. Great visibility, ingress, plus traffic for the location equals great sites that bring great success. 

SpeeDee has mapping tools and other data that we use on your behalf to find the ideal location for your business.

Allow for flexibility and adaptability

As markets shift and evolve, you may need to consider new locations or different types of properties. Remaining nimble and adapting to market demands will provide solutions.

Everything is negotiable

Don’t shy away from negotiating for favorable lease terms, such as lower rent, longer lease periods, and favorable renewal options. Make sure you are getting the best bang for your buck and for your soon-to-be-customers.

Once you’ve found the best location, SpeeDee will help you negotiate the lease or purchase.

Learn more

To take the first step toward owning your own business, download our free ebook. To learn more about our available territories, click here.

This article was originally published on Franchising.com on Nov. 16, 2023. It’s been adapted for our site.