If you are just getting started on your entrepreneurial journey, one of the first major decisions you’ll get to make for your business is location. People often overlook the importance of a good location and focus on other parts of business, such as advertising, promotions, and operations.
A good location can attract potential customers to your business and increase your sales, resulting in more conversions and profits.
Since this is a big decision, there are several factors to consider before you should make up your mind. This article will outline the factors that should go into the decision of choosing the right location for your business.
1.Visibility
When deciding on a location for your business, one of the most important things to consider is visibility. Having a location smack dab infront of the main street or boulevard, instead of somewhere off the beaten track and hidden inside the twisting and winding streets, can help your customers find your business easily.
Another thing you could do to make your business more visible is to upgrade the lighting. You also may need to add outdoor furniture and do a bit of landscaping tohelp people clearly demarcate your establishment than the others’ on the street, plus it adds a little personality.
If your storefront faces another building or has no windows, you may have to add extra signage or decorations outside so that you can catch people’s attention as they drive by.
When making your small business’s signage, try to customize your signs to fit your business’s theme and brand by printing out the designs first on a yosun small uv printer for feedback, and only later should you committo a certain option on a grander scale. By putting a little time into your business’s signage, you can create a cohesive image for your company.
2.Budget
Before going location scouting for your business, you should have an idea of how much you are willing to spend on the site. You should be able to get this idea from the money that you have set aside and also by making estimates of how much it will take to run your business operations.
The site or location where you want to open your business should be affordable and should not cost more than what you have planned for.
3.Safety
When you are looking to start a new business, or even when you are expanding your current business into fresh locations, you must take safety into account. Make sure the area that you select has a low crime rate, as otherwise you’ll only attract the wrong crowd.
One of the best ways to determine if a location is safe is to visit it during different times of the day and night. Drive around the general area, both during the day and night, and take mental note of signs—like dwindling traffic immediately after dark, or fewer people on sidewalks—that can indicate that people around there might be a little averse to going out at certain times of the day or night out of caution.
If things turn out otherwise, and you see steady traffic both during day and as well as night, then rest assured that this is a safe place for doing business.
4.Parking
Many business owners overlook the importance of parking when considering a location. This is especially true of shopping centers, where traffic can often come to a standstill during the peak hours.
Look for sites with parking spaces. You will want to carefully consider how many parking spaces are available during different times of the day, and also how convenient is it to get parking spaces for your business.
Vendors and customers alike appreciate a convenient parking space, so look for areas with nearby street-side parking or large parking lots to accommodate for any overflowing traffic. The nearer the parking space, the better it is for your business, as customers will enjoy shopping at your business without having to contend with the urge to quickly leave to get to their cars so as to avoid any parking inconveniences to themselves and others.
5.Transportation Options
When looking for a location for your business, take a look at the transportation options available to the employees, clients, and customers who would want to visit your business. Even if you do not plan on having many employees or even a lot of visitors, the location should be accessible by public transportation.
If there are no nearby public transportation options,but you have ambitions of getting as much traffic as you can, then a better location choice for your business would be somewhere close to an interstate highway or some major road. A good location will also be easier to find—whether coming from out of state or just around the corner.
6.Noise Pollution
An important thing that you will want to look into before settling on a location is to make sure that the location is not too noisy. This can cause communication issues for your employees and customers as they wouldn’t be able to hear themselves over the loud clanking and banging noises coming from a nearby steel factory.
7.Business Proximity
An important factor when looking for the right location is its proximity to other businesses. By locating your business to others in the area, you can leverage their customer base to your advantage. If you are in a shopping mall or a business park, you will have plenty of neighbors from which you can draw in customers;if you are in an area that does not have much traffic, you might not be able to rely on foot traffic alone.
Businesses benefit from having access to each others’ customers; the businesses that are near one another can foster a business community spirit and come into a symbiotic business association to benefit their business goals.
Some businesses benefit more from being near other companies than others. Retail stores attract shoppers that are in the area for some other business; restaurants and cafes may also do better if they are located in areas where there are several other restaurants and cafes.
It is not always necessary to be near another similar business, however, as competition can make one business to lose out on profit-making as its customers flock to its competitors.
8.Space
If you are planning to expand your business in the future, it is important to consider a space that is large enough for your current and future needs. You should be thinking ahead and having the intention of growing your business in the future at the back of your mind when location hunting. To avoid having to move once your business grows, choose a commercial space that has enough room for expansion.
Conclusion
A location is not a decision you should make based solely on spur-of-the-moment whims. It is an important decision that can greatly affect your success in the future, so you should consider every aspect of it carefully. Take time to evaluate all the points discussed above when location scouting and consider its pros and cons for your business.