How to Pick the Right Location for Your Business

As you embark on the journey to select your business location, you have to focus on finding the best location possible. The right location can make or break your business. In order to excel and flourish, taking the time to pick the right location for your business requires serious consideration. Working with a real-estate agent, all business owners should have a vision of what they would like, with a checklist to help ensure you don’t forget a key element.

  1. Demographics
Demographics is one of the most important angles to consider, and it requires some serious thought process. First, think about who your customers are or the type of customers you wish to target. Once you determine this, think about how important it is for them to be in close proximity.

The issue of proximity is more crucial for certain businesses than other. Retailers and restaurant owners need to be close to their customers, otherwise, they risk losing business to closer retailers. However, other businesses can get away with being further from your customers.

Another factor to consider is the community in which you will place your business front. Is the economy stable? Does the population match what you need in order to generate enough business? Look at the resources in the community. How are the schools, culture, and housing? You want to have a stable workforce and a stable clientele, and both of these require a stable community.

  1. Foot Traffic
Unless your business doesn’t require foot traffic, having a location that will bring in customers is extremely critical. Without pedestrian traffic, most businesses will fail. So, when you go to make your decision, check out the area about the location. Are there reasons while customers would be in the area? If you can find a retail area that is not tucked away with other businesses, it would be an ideal location.
  1. Accessibility
You need your business to be accessible to everyone – customers and employees. First, looking at the available parking. Is it easy for cars to get in and out? Also, you have to think about suppliers and how easily they can access your offices. Also, the parking should be ample enough to hold your customers and employees.

Is your business accessible to people with disabilities? This is a hugely important factor; you want everyone to be able to enter your building with ease. Ramps are important if stairs are needed to reach the entrance.

  1. History of Location
Before you make a purchase, look at the history of the location. This information can help you determine the reputation the location may have and the likelihood of success. For example, placing your café in a location where 4 other cafes have failed will likely not be a good idea. First, people will remember all of the other failed businesses. Also, there is more than likely a good reason they all failed. It may not get enough traffic, or the demographics could be wrong.
  1. Competition
You want to be in an area with other businesses, but surrounding yourself in established businesses that can compete with yours is not a wise idea. Depending on your industry, competition opens up the option of comparison shopping. This may work in your favor. However, it is wise to think it out before placing your craft store in a location with 4 other stores in the same block.
  1. Other nearby Businesses
This is related to the amount of competition nearby. Having other businesses nearby creates a sort of shared co-working atmosphere, where the businesses help boost each other. A number of restaurants nearby means your employees have places to eat lunch, and shoppers may come to the area for the day. There are a lot of reasons why you will want to pick a location close to other businesses.



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Thursday, 18 July 2019
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