Believe it or not, the location of your store is equally important as your product or service for business success. Many mistakes made in different segments of business could be corrected. But if you find the wrong location, it is almost impossible to recover without a massive loss of money. Following these instructions will help you make the correct decision in finding the right place for your business.
Demographics
The demographic profile of your audience is essential for your business location. You have to know who your customers are and if they are close to your area. Depending on your business niche, this could be the critical point for finding the right location. Also, you have to know your local customer base and how many of them need your service or product. Finally, make sure that your community has a stable economic base because it is pretty vital for a healthy environment for your business.
Location costs
The base rent will be your highest cost. However, there will be many other costs you have to take care of when you choose your location. Renovation is almost always necessary, as well as redecorating and painting. Building maintenance and security are also two points you can’t underestimate. Every business has to take care of security systems, and one of the best options out there in Australia is high-tech JD Security alarm monitoring. On top of that, you will, most likely, have additional marketing costs since you have to inform all your customers about your new location. Seek the help of professional advisors if it is necessary.
Foot traffic
In most cases, you want to be located in a high-traffic area. Your customers have to notice you in the first place, and if you are not close to them, they won’t see you. The exceptions are businesses which need privacy and confidentiality. In that case, you should instead opt for a low-traffic area.
Accessibility and parking
Your location has to be accessible for everyone, not only because of your customers, but your suppliers also need to be able to access your facility easily. Parking space is vital, and it should be close to your store. There has to be sufficient space for your employees, customers and suppliers. If it is possible, try to choose a street that is close to a parking lot, but that is also not that busy. You might need some parking slots in there, too.
Infrastructure
Your building needs to have appropriate electrical and telecommunications service whatever your business niche is. Some of the older buildings often do not support high-tech needs that modern businesses require. Since you most likely can’t know if the building meets these standards, don’t hesitate to ask for help or hire an engineer.
Competition
When choosing the location, you have to know how close your competitors are. In some business niches, it is good if you have a lot of competition near you. Some of the best examples are fast food chains, coffee shops, and restaurants. The main reason behind this is human traffic. On the other hand, if you are selling extremely specific products or services, then it is better not to be close to your competitors. People are aware that their choices might be limited, and they will tend to choose only one place. In any case, before selecting the location, spend some time to research the competition and make the decision based on your business needs.
In the end, don’t forget to ask previous tenants or owners every possible question about the location. Finally, consider consulting experts for any additional help.