A good location can make or break your business, and that can be a lot of pressure on you as a business owner. There are many factors to think about as you are choosing a location. From monthly lease price to volume of walk-by traffic to the ambiance of the building, each detail of your location can help your business to grow. How do you know if a location will help your business to thrive?
Here are a few tips for choosing a location for your business:
If there are other businesses in the area, pay them a visit. Notice the number of customers, the quality of the buildings, and talk to the workers about their experiences. If you can, talk with the business owner to try to get a candid view about how the location works for them. If a business owner is unhappy with the location, ask them for specifics. The more details you can get the better.
How easily can your customers get to you? Is the commute to your location difficult or confusing? Is there enough parking? These are all questions you should ask yourself when scouting out a location.
Competitors and Complements
Look for direct competitors in your area. These competitors may split the market around that location. You should also look for businesses that complement your products or services. For example, if you were opening an ice cream shop, a complementary business may be a bowling alley, roller rink, or any popular place where people might work up an ice cream craving and are already out doing something enjoyable.
Find out information about the demographics, crime rate, and economic statistics of the area. Reach out to local councils to find out more about future development and plans for the area.
Read the Fine Print
When looking into different locations, try to review the lease agreement sooner rather than later. Check for things like hidden fees, deposits, and any other financial information. This will help you to stay within budget and be aware of any charges you may be responsible for.