Recessions are always a possibility, even when an...
Should you live where you work and work where you live? This is a personal preference question that, as a new Canadian franchise, you may very well run into when you consider where your business is going to be. In the franchise planning stages, you'll select your industry, your franchisor and your franchise location. With many brands, you will receive a franchise territory, which is an area of coverage for your business only so you're not competing with another location from your franchise right across the street. A territory is determined by many factors, including traffic and population base.
Territory considerations aside, you must decide whether you want your work to be where you are living. Some franchisees want to live close to their location, while others want that separation between work and home. It is also possible that you may not really have a choice if your preferred industry and brand is already too saturated in your area. These factors will all become part of your decision on industry, brand and location.
To determine whether your franchise location is going to be in your neck of the woods or another area entirely, you'll have to decide what is crucial to you for the best outcome when you open your new business.
Find the best market
What type of industry do you want to be a part of? What is your preferred market going to support? The answers to these questions are what will guide you down the path to franchise and location selection.
Chances are your potential market will be open to a variety of franchise industries. Take a closer look at population sizes, personality types, ages and the popular interests of those in that area. You can also check this data against franchise brands that are currently trying to expand close by; that can be an indicator their research has pointed to your market as a good opportunity and fit. Likewise, check into franchise locations that have failed in the area. Depending on the reasons for closure, it could be that your brand isn't a good fit for that town or neighbourhood.
Determine your involvement level
If you are going to be less hands-on with your franchise and hire a day-to-day manager, living further away from your location isn't going to be a big deal. However, if you plan to run daily operations yourself and visit your location often, it may be inconvenient if your location is quite a drive from your home.
Keep in mind that there is an added benefit of living close to your franchise: you will be more informed about your customer base and more approachable to potential customers on a personal level. On the other hand, if you live further away, it will be easier to turn yourself "off" at the end of each workday, which is important for avoiding burnout.
Whether you should live where you work is really a question of personal preference. Examine the logistics of all location scenarios before you make your final decision.