What to Consider When Selecting a Location for Your Business

Location is one of the most important factors to think about when opening a business, especially if you’re opening a retail-based business. Being in a good location can mean the difference between a successful run and a failed business. When scouting out locations for your new business, look for the following.

 

 

1. Good foot traffic. While you hope your marketing efforts bring in customers, being in a neighborhood with a high concentration of people who walk or use public transportation helps. It’s great when someone can just be passing by and happen upon your store. That’s why businesses in malls and airports do so well…people are walking by all the time. Sometimes smelling a treat you have to offer or seeing goods in your display window will be enough to bring someone in.

2. Your target market. Before you opened your doors, you probably thought about your ideal customer – the person who would not only buy what you have to offer but would also buy it at the price you set. Do as much research as you can on your potential location to make sure these people are either in your area or are willing to travel there. It would make no sense to open a butcher shop in the middle of a neighborhood with a high concentration of vegetarians, for example. Also check the average salary demographics. If your area is full of low to lower middle class people, opening up a shop with premium priced products would not be a good idea.

3. Ample parking. Sometimes business owners run into this issue when they are moving locations. The new spot may have excellent foot traffic and be in a neighborhood full of their target market. However, these entrepreneurs do not think of the customers they left behind…those who are willing to travel to the new location to patronize the business. Unfortunately, these old customers will not remain if there is never anywhere to park, or if they risk getting a traffic ticket each time they visit you. While you may not be able to select a place with off-street or lot parking, consider areas that will make it easy for customers to visit.

Make sure you search for business locations thoroughly. Look online for sites that aggregate retail locations for an easier search. For example, you could check Shops to Let in Leicester on Completely Retail or commercial businesses for sale on your local real estate agent’s site. You can also drive through potential locations scouting out available spots. Using this advice, you can be one step closer to the business location of your dreams.

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About Dequiana Jackson

Dequiana Jackson, CEO of Inspired Marketing, Inc., is a small business marketing coach who shows women entrepreneurs how to use solid marketing strategies to turn their life’s passion into a profitable, service-based business. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

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