probably heard the expression sometime in your life-location, location, location.
When is that more true than when choosing where to place your business? The
choice of location for your business can make the difference between high sales
and no sales. Taking the time to carefully choose the physical place for your
business can make a huge difference.
Think about the people that live around the place
your business will be. Are there a lot of young couples, retired people or
middle-aged people with kids? Does your type of business depend on one of those
groups more than the others or are you looking for a combination of all of
them? Is the area heavily populated or more spread out? What are the income
levels like in the neighborhood? If the products and services you offer are
more of a luxury, you may want to think about placing yourself either downtown
or in high income suburb. Sometimes, it’s favorable to match the location to
the theme. For example, if you have a restaurant with fresh seafood, locating
near a body of water or marina makes sense. It’s also a good idea to look at
the crime rates in the neighborhood because you want your business to be safe
from burglary and vandalism.
You need to know what kind of traffic the location
will generate, if you will be easily accessible by car and on foot. It is
better to be visible from major roads and highways.. Will your building have a
parking lot or street parking? Is it on a bus route? Research has shown that
the most successful businesses place themselves in the center of their customer
base. If you are as close to your biggest competitor as possible, it will give
you the chance to prove to customers that you are a step ahead.
The building itself, of course, has quite a few
factors to consider. Is the lease negotiable? Will the size and layout of the
building accommodate what you need to do? Are there any repairs to be made? Are
the lighting, heating, and cooling systems up to the standards you need? Will there
be a bathroom available for your customers? Finally, is the setup for
communications such as the phone and internet workable for what you’ll be
Some people may consider the best location for their
business to be their home. If you have a mail based business, this could be a
good option. If you do choose to stay in your home, be sure you can focus in
your casual environment and be flexible around your family. This may mean
starting early, taking a long break, and picking up again to work later in the
night. Don’t hide the fact that your business is based from home because
chances are if it’s working for you, it’s working for your customers. Whether
you are choosing a location for your new business or moving your existing
business to another location, take your time. Make it happen!