There are a variety of SBA loans that are available to...
One of the decisions you'll need to make during your franchise search is whether you want a fixed location or a mobile one. Each type has some advantages and drawbacks, so read on to help you decide which type is the right fit for your lifestyle and your budget.
Fixed location lowdown
With a set location, you've got a place to go every day. You know the local traffic and the neighborhood demographics, and your customers come to you. You're always there, which means you will establish a presence just by having that visual, permanent spot.
All of the benefits of a fixed location do come with a price tag that is usually higher than you see with mobile franchises. Having a permanent physical space means you’ll also have rent to pay, leases to handle, and other upkeep and maintenance responsibilities that you might not have with a franchise that is always on the move. You've also got set hours during which to work, although you should have some say in your schedule as a franchisee.
Mobile franchise rundown
When you have a mobile franchise, you bring your business to your customers. This can be an asset or a drawback depending on where your customers are and how established your brand is. If your service is geared toward filling the need of busy people, for example, being mobile can act as an advantage. Since you're on the go, you don't have real estate leases or rent to worry about, although you still might have maintenance concerns if you're operating out of a vehicle. You set your own hours, which is great if flexibility is a big concern for you.
As a mobile franchise, you've got to work to get yourself out there. Unlike a fixed location, you don't have a branded spot that is establishing a presence for you in your target area even when you're not at work. A mobile franchise might require more time to build up, and you've also got less space for things such as inventory.
Ultimately, the right type of franchise for you will come down to your lifestyle, personal preferences and budget. Be sure to weigh all of the pros and cons of mobile and fixed locations before you make your final decision.