We’ve all heard the phrase, “location location location” when contemplating where to put down roots for our business. Unlike an e-commerce business, which can be set up in your bedroom while still in your pajamas, the physical location of a “brick and mortar” business will make it or break it. Following these simple strategies for picking the perfect location will help keep the customers and business flowing in a positive direction:
Check your demographics
Have you established who your target audience is? Do they have access to your business in the location that you are considering, or will it be cumbersome and inconvenient for them to find you, let alone purchase from you? Study the demographic nature of the area that you wish to establish yourself in by looking at other retailers and businesses that are also drawing traffic in. In addition, assess the potential location for easy access; if these things are checking out positively, set up shop and work on directing traffic your way.
Keep your friends close……
What better way to stay competitive than to set up shop right next door to some of your biggest competitors. It sends a message to consumers that you are just as worthy of your business, and it sends a very clear message to your competitors that you mean “business”. Creating your business in the company of reputable establishments will allow you to draw on their business as well. All is fair in love and business, after all.
Find the ideal venue
Does your business require a modest and quaint storefront, or will your vast store of inventory fit better in a 13,000 square foot warehouse with elevated ceilings? Think about the overall impression you want to create as customers step in the door; do you want to “wow” them or make them feel at home as they peruse your products and services? Choosing the right physical space that will communicate more about your brand will allow your whole presentation to come together.
Call in the professionals
Whether you have real estate purchasing experience or not, you will need to call in the help of qualified professionals in order to get the best bang for your buck. Negotiating the terms of a lease is just as important as the location that you choose; as you factor the lease and operations costs into your budget, you’ll want to make sure that your profits exceed your expenses. You’ll also want to factor in expenses like renters insurance to protect your investment. Finding cheap renters insurance that will cover situations such as theft and fire will ensure that your assets and your property can be replaced or recovered if necessary.
Know what to ask
When considering a location, there are several questions that will need to be asked and answered to determine if that location is right for you. Here are some things that need to be considered as you are creating your physical storefront:
- Is the facility properly zoned for your type of business?
- Is it too large? Too small?
- Does it need repairs?
- Does it have a good layout for your business?
- Are plumbing, electrical, and ventilation systems in working order?
- Are the lease and rent terms favorable?
- Are neighboring businesses likely to attract the kind of customer you are also looking for?
- Is parking available and adequate?
- Will the facility be able to accommodate growth and expansion?
If you can answer these questions with confidence, then you are on the way to creating a wonderful space for your new business venture. You can cross that item off your list; now it’s time to get down to the business of tackling the other 999 things on your entrepreneurial list! Best of luck to you in your new endeavors!