The location of your business determines the image and success of your establishment. Choosing the location for your business is one of the most important decisions you will make as a business owner. With so much riding on the location of your business, here are 5 top tips to help you make this decision.
So you’ve found the perfect place and based on what the landlord or realtor is asking, it looks like you can afford it. Of course, the obvious cost isn’t the whole cost. Financial factors to consider include how much it will cost to convert the space to your needs (renovation, decorating etc.), if the cost of parking is included and additional tax costs
Depending on the nature of your business, different considerations regarding traffic should be taken into account. If your business is retail based, it’s a good idea to have a location in a busy area where you will receive plenty of foot-traffic. A business space that is easily accessible via good roads and public transport, with ample parking is a bonus when considering a new location.
Being in close proximity to your competitors needn’t be a hindrance when selecting a location for your business. Being in the vicinity of your competitor may help you tap into your competitor’s customer base, much the same way that fashion brands tend to be neighbours. In these cases, it is best to think of your competitors as complimentary.
The neighbourhood in which your business is located is essential to its success. Locating your business in an area that mirrors your target market will give your business the edge. The combination of providing an excellent product or service along with the added convenience of being nearby is a sure-fired way to improve the standing of your business.
The location of your business is as important to your brand as advertising. Is the potential location of your business in line with your brand and the product or service you are offering? You will be hard-pressed to find a Walmart and Macy’s in the same location, as they project very different images. Remember: The location of your business is the first tangible impression of your brand ‒ make it count.