BranchCache cannot initialize the local cache at location %1. Error: %2 %3 Possible reasons are that the local cache directory ...

Windows 7

BranchCache cannot initialize the local cache at location %1.
Error: %2 %3
Possible reasons are that the local cache directory location is not on an NTFS partition, the path is too long (typically, greater than 190 characters) or does not exist, or the BranchCache service does not have the permissions to write to the directory location. 
Run the command "netsh branchcache set localcache" from an elevated command prompt.

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