This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.
As far as business essentials are concerned that the right location is like gold dust. Put it in the wrong place, and you’ve got problems in terms of transporting goods, employees being unable to get to the location, and missing all-important foot traffic. But at the same time the ideal business location is something that you will sense to be perfect; how can you find the perfect business location, and what do you really need to look for?
A productive space
Looking for the right area is one thing but when you look at the building itself, it’s got to communicate a vibe that’s integral to your work culture and ethics. If you want to communicate a vibrant, dynamic office space because you’re a start-up that’s all about content, you need somewhere more centralized. But, these days, you can get an industrial property space that covers all the bases for just as long as it’s accessible, making sure that the space isn’t so cavernous, and can be turned into what you want it to be will make it work.
Does it cater to your demographic?
Ensuring that your customers and clients are catered for is one thing, but when you look at their proximity to your location, especially as a retailer, it’s critical. Ensuring you have the right demographic profile of your target market will help you to decide where you want to go. And at the same time, especially in terms of retail, when you look at your community, and if the customer base is local, does the percentage of the population match your customer profile? If you are supplying products to a market aged between 18 and 24, but you go to a small, backwater town, will you be struggling further down the line? It’s important to be wary when you choose a community that depends on a specific industry. Because if an economic downturn occurs, your business could suffer.
Is there competition nearby?
Competition is healthy but if you are in an industry where your direct nemesis stays will it make your life difficult? Conversely, with an industry like entertainment, food or shopping, you can get the foot traffic and overflow from the existing businesses. We see this with the out of town department stores and areas that cater to all walks of life. But you have to be careful if what you supply why doesn’t have that competitive edge. If you are a new business, you’ve got to work harder to acquire new customers, even if your foot traffic is amazing.
The perception of the location
This is not just in terms of what it looks like, it is about the history of the location as well. If you open a restaurant in a location where previous restaurants have failed, why is this? As such, you could be starting off on the wrong foot. Also, think about if the address can cause you issues. While there are ways to fix this, such as by using a different mailing address, so you can give out the right impression. Perception is everything and we can underestimate this.