Find the Perfect Location with These 8 Tips (Infographic)
When you’re first opening your store or restaurant, your location is one of the most important things to think about. If you can’t get people through the door, it doesn’t matter how great your food or products are.
Keep these tips in mind when you’re searching for the perfect location.
Go Where Your Demographic Is
When you first start shopping for the perfect location, look at the demographics in the area – age, income, etc. You want to make sure you pick a location that’s easily accessible for your target demographic.
Put yourself in your ideal customer’s shoes and think about where you’d want to go to shop for your products.
Go Where Your Competition Is
Sometimes, it pays to choose a location near your competitors. If you’re close to your competitors, and they’re doing well, then you know that they’re already close to your ideal customer. Why spend the money to look for the perfect location for your target market, when your competitors have already done it?
You can also benefit from your competitor’s marketing. A customer could come to the area to check out your competitor, but see you and decide to shop at your store instead.
Your employees and customers have to park somewhere. When looking at possible locations, ask yourself if there’s enough room for everyone to park.
If you’re looking in a downtown area, customers may be okay parking a few blocks away and walking to your store. If you’re looking in a strip mall, your customers are going to expect closer parking spots.
Make Sure It’s Easy to Get In and Out
Choose a location with easy access. If your customers have to wait 10 minutes to cross a busy street into your parking lot, they might not be willing to wait that long.
Check the Zoning Restrictions
Once you’ve started to narrow down your choices, make sure to check out the local restrictions. Some commercial areas are only zoned for specific industries. Make sure you’ll be able to run your business from the location without any issues.
Price Out Utilities
Utilities aren’t always included in a lease, and it can be hard to budget if you have no idea what you’re going to spend in utilities over the year. Ask utility companies for last year’s usage and billing for locations you like. Knowing how much it cost last year will give you a good idea whether you can afford the utilities.
Make Sure the Location Matches Your Brand
Your location can say a lot about your brand. When looking at locations, make sure that you have an address you’re proud of.
You should also make sure the outside of the building says what you want it to say. If you’re an upscale fashion boutique, choosing an old warehouse might not be the best idea – no matter how cheap it is.