How to Find the Best Location for Your Business

Business location is the single most important thing you do at start up. People might always tell you that you must find the best location because your location will speak for your success. Why? Without proper research and assessment you might end-up a failure.

You might have the perfect product idea, the best suppliers for your raw materials, best people and the best equipment and facilities, but how will anyone know about your best ideas without getting them through your door?

Careful determination of new sites is critical for every business to work out. But the question is how? Ask this to yourself, did I conduct a market research and assessment of location? If not, then this must be the first thing you must do. Reanalyze your target market, where would they go usually?

Spend time walking or driving along your place to scout for different available spaces and assess each location you have found – its different times of the day. For example a location may be great in the morning, but lousy in the afternoon. Or maybe the parking lot is full at lunch, but empty the rest of the day.

You should also consider which road side works best for you. For example, a drive thru coffee shop works best if it’s located on the side of the road with the morning rush hour traffic, while a takeout joint works best if it’s located on the side of the road with the going home traffic.

In addition, you should look at the space’s neighborhood, such as other retailers that draw people to the area, schools, universities, hospital complexes and offices. And again ask yourself about your target market’s demographics – are you into niche market? Who will buy your products? Will they be passing by the location? Assess each location you have on your list and of course never forget your neighbor who could be your greatest competitors.

Some may say that you must not locate your business near your greatest direct competitors, but experts agree that the best place to be is as close to your biggest competitor as you can be. Landing to your perfect customer is crucial so, by being in close proximity to your competitors, you can benefit from their marketing efforts.

Come to think of this, your competitors assess their locations according to their customer’s demographics and the highest possibility of landing to their perfect customer. They’ve also devoted spending large portions for advertising efforts toward driving traffic to their places. Funny but strategic wise, why spend the money when they’ve already spent it for you?

Well, if you chose other locations away from your competitors, it is for you to decide. You must also try to consider market or business expansion later, anticipate branching out or creating additional in lines, because you might actually plan for it especially in growing your business.

While you have set everything, never forget your supplier as well, will they be able to distribute the products to your place at the right time? Or, if you will be the one supplying materials, did you assess your customer’s locations so you could be able to supply them properly without delay?

In addition, ask different experienced entrepreneurs. They will surely provide you tips and guidelines to follow on choosing the best location for your business. Ask your friends who own a business they could help you evaluate several locations you have seen. They might tell you as well how they found their best locations. Or, if you want more sophisticated way of choosing your best location, why not hire a professional. They could be lawyer who would asses leasing conditions, or make use of local real estate professional who understands your customers as well as you do or a location evaluator.

Every decision you make matters. Make sure to evaluate everything well before jumping into conclusions. Plan properly, anticipate possible situations and always make some alternatives so you wouldn’t stress yourself on what to do when trouble comes.

How about you? How did you found your location? Is it the best one? How did you evaluate it?

 

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