Location, location, location. Truer words have never been spoken when deciding where to open a brick and mortar establishment of any kind. With a mobile unit, you can take the business to the people, but with a fixed store, how do you get the people to come to you?
It all starts with the site selection process. When you’re looking to buy a home you usually have a list of criteria, a budget, and a general neighborhood of interest to you based on what’s important. Selecting a site for your business is no different. With careful consultation and guidance from a commercial real estate agent, they can present a variety of options that fit your needs and gives you the best opportunity to get in front of your potential customers. Everything from demographics, foot traffic, visibility from the road, and even the average household income of the area residents should all be taken into account. Who are your competitors? Will your store be the exclusive retailer of a particular product in that area? Is there a lot of additional development or construction nearby? What is the future plan for the area?
Details like these can affect the profitability and longevity of your business and the way to prepare for such circumstances is through due diligence and having the patience to find the perfect location for you. Check out this article for factors you may not have thought about. In addition, there are a lot of resources out there to assist in your research efforts. The Small Business Association offers free demographics as well as a plethora of valuable information and advice that can be extremely helpful.
There’s a lot to consider and location is definitely the umbrella above the detail. Know what to ask and what to look for. Go in with an open mind and a little flexibility. Knowing what you want will put you into a location eventually but consider being open to different possibilities than you may have imagined; it could put you into the right location, now.