What market analysis is required for an Extreme Art Studio franchise?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
We will provide you with our site selection criteria for you to use to select and acquire a site for your Studio which meets our site selection criteria. You may not lease or purchase a site for your Studio until after we have approved the site in writing. The factors we consider in approving sites for your Studio include location; size; suitability; layout; access and visibility of the proposed location; proximity to other businesses; location and nature of any competitors; population density and demographics; vehicle traffic; pedestrian traffic; existing tenant mix; parking convenience; and other factors that may be relevant to your market. The same site selection criteria will generally be applicable to all Extreme Art Studio Business franchisees. We generally do not own the premises and lease it to you.
There are no deadlines for our approval or disapproval of your proposed Studio site, although we will typically be able to respond within two weeks after you submit to us all of the required information. Once we have approved your location, the Franchise Agreement or applicable Extreme Art Rider will automatically be amended to show the specific location as the only location where you are authorized to
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS AND TRAINING (FDD pages 27–37)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, Extreme Art Studio will provide franchisees with site selection criteria to use when selecting a location for their studio. However, the franchisee has the ultimate responsibility in choosing, obtaining, and developing the site for their studio.
The factors that Extreme Art Studio considers when approving sites include the location, size, suitability, layout, access and visibility, proximity to other businesses, the location and nature of any competitors, population density and demographics, vehicle and pedestrian traffic, existing tenant mix, parking convenience, and other factors that may be relevant to the market. The same site selection criteria will generally be applicable to all Extreme Art Studio Business franchisees.
The FDD states that the franchisee may not lease or purchase a site until Extreme Art Studio has approved the site in writing. There are no deadlines for approval or disapproval of a proposed site, but Extreme Art Studio states that they will typically be able to respond within two weeks after the franchisee submits all of the required information. If the franchisee and Extreme Art Studio are unable to reach an agreement on an approved site within four months after signing the Franchise Agreement, Extreme Art Studio has the option to terminate the agreement without providing a refund.