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Selecting the location for your business is one of the most important decisions you will make; the success of your business could depend upon it. Base your decision on sound research and fact, rather than an initial reaction.
- Know the area
- Who frequents the area?
- Observe traffic patterns
- Evaluate the convenience factor
- Evaluate available parking
- Storage space
- Follow the coffee shops
- Pinpoint the competition
- Choosing a real estate company
Know the area – how big is the area? It may be a large shopping area such as a mall with a high footfall flow, or it may only be a few blocks with no other competing store. You want to pick an area that is going to ensure you hit your targets, so knowing the type of visitors to the area is useful. (The type of stores should help indicate this). Who frequents the area? – The local area should be an indication of the type of people living there; mostly families or young professionals? If you’re planning on opening a toy store you obviously want the former, whereas a trendy wine bar will appeal to the latter. You know your target market, so ensure you know your area. Observe traffic patterns – is there public transport? Are cars stopping in the area or merely passing through? Lots of vehicles doesn’t necessarily mean lots of people traffic. Evaluate the convenience factor – How convenient is it for people to get to your outlet? How easy is it for you to get to it and if you need products delivered, is there adequate room for delivery vehicles? Storage space – whatever your plans are, you’re likely to want an area for storage of products, files etc. Ensure you buy a place with the right amount. Follow the coffee shops – You might want to consider locating to an area which is up and coming, with expected expansion and growth. You’re likely to get the plot at a good price, but will have to factor in footfall may be slow initially Pinpoint the competition – Do you want to be near a competitor in the hope of attracting their clientele? Or do you think this is too risky and would prefer to set up in an area where you have no competition? Choosing a real estate company – pick up the phone and do your research. Ask them what they know of the area, the one’s that have the info and know about the area and all of the above points are the ones to consider. Selecting the location for your business is one of the most important decisions you will make; the success of your business could depend upon it. Base your decision on sound research and fact, rather than an initial reaction.
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