“Location, location, location” is an expression that almost every small-business owner has heard at one time or another. Unfortunately, figuring out exactly where that location is, requires a bit more effort than this common saying suggests. However, with a few smart tips at your disposal, you’ll be able to find a location that can give you the competitive edge you need to make your business grow and prosper.
Follow The Competition:
While it might seem counterintuitive to seek out a location near your competitors, it actually makes a lot of sense. Your competitors have already done the marketing and research necessary to find a great location. You can save yourself time and energy by simply following their lead. Employing this strategy gives you a significant and immediate advantage. Of course, you’ll still want to do the usual checks to make sure that the location is truly ideal.
Use Technology To Get Answers:
A location may look promising, but that doesn’t necessarily mean that it will be good for business. Thanks to increasingly sophisticated data analytics, you can now get answers to key business questions, before you sign a rental lease. Information like traffic flow, nearby traffic generators, and even demographic information such as average household income, age, gender and household size are all available. According to Entrepreneur, you should also consider what your in-store traffic patterns might look like. The cost of this information can vary so be sure to shop around.
Check Your Visibility:
If customers can’t see your store or have a hard time doing so you’re likely to face an uphill battle when it comes to attracting new clients. Customers should be able to quickly and easily locate your storefront. They also need to be able to see that there is activity going on inside, or more specifically, other customers. It may be cheaper to take the smaller less-visible location, but if it’s going to cost you clients and subsequently revenue, don’t do it. Once you do find your location, you can add outdoor accessories to your storefront to help it stand out even more and establish brand recognition.
Seek Out A Professional:
Finding the perfect location for your business, whether it’s brand new or simply expanding, doesn’t have to mean going it alone. Real estate firms are trained to help small-business owners find the property they want. Likewise, using a professional real estate company allow you to explore more location options in less time. Which means you can put your efforts into what matters most, your business. Remember, agents are there to help so don’t be afraid to ask questions.
You’ve worked hard to get your business this far. Now that you have the tools to find the best possible location for your new store, you’re well on your way to turning your company into a thriving success story.