Find the Perfect Location for Your Business in 5 Easy Steps

Before you start looking for a business space, you need to have a clear idea of what you want, what you need and what your customers are looking for. Only that way will you be able assured you’ve chosen the right location for your business. Still, developing that picture may not always be easy and coming up with just a perfect location might require some time and effort. With that in mind, we’ve come up with 5 easy steps you should follow if you want to make sure the location you go for meets all of your demands.

Determine the style of your operation

The style of your operation is always going to play a huge role in finding the right location for your business. Therefore, it’s very important that you think about whether you want your business to be formal or kicked-back. If your business is going to be formal, going for a standard store is always the best pick. On the other hand, if it’s going to be casual, you even consider some other options such as booths or moving vans. Of course, this depends on what you’re selling and the options you want to offer to your customers.

Think about demographics

You’ll hardly be able to find the perfect location for your business if you don’t five demographics some thought. You have to identify your customers and think about how important their proximity to your business is. That way, you’ll be able to find a location with community that’s going to buy from you. You also need to think about the community’s economic base and whether it provides you with a healthy business environment. Furthermore, make sure you find a community where you’ll be able to find good employees who possess talents necessary for the industry you’re in.

Monitor foot traffic

Once you’ve identified a potential business location, it’s recommended that you monitor the traffic outside of it for some time. That way, you’ll be able to see whether the volume of pedestrian traffic fits your demands. If you choose a spot where your customers are going to bypass you, chances are your business won’t do well. A lot of rookie entrepreneurs believe renting a place tucked away in a corner is a great way for scarping away some money, only to find customers turning to their competitors that are easier to spot.

Consider image and history of the site

This is an important step to take, especially if you’re targeting a local market. Your site has to project the image you want it to and invite people to your business. It’s recommended that you take a closer look at the site’s history and see how it evolved over the years. For example, starting a restaurant in a place where others have failed might make it more difficult for you to succeed. That being said, you should think about working with a company specializing in commercial real estate that can provide you with all the necessary information on the site you’re interested in.

Check the building’s infrastructure

There are plenty of buildings that don’t actually have the infrastructure your business needs. Therefore, it’s a good idea to check the buildings electrical and telecommunication services, as well as air conditioning, before you make any final decisions. Also, think about how you want your business to grow and check whether the building is going to fit all the demands your business will have in the future. There’s no point in moving to a new location only to start looking for a new one after a couple of months.

Follow all of these steps and you should be able to find just the right location for your business. Just bear in mind that unlike some other startup mistakes, poor choice of location cannot be fixed without having to spend loads of money.

Views: 31

Comment

You need to be a member of Small Business Bonfire to add comments!

Join Small Business Bonfire

Members

Subscribe to Our Newsletter

Kickstart Your Business

small business help

Get Connected

© 2017   Created by Alyssa Gregory.   Powered by

Badges  |  Report an Issue  |  Terms of Service