One of the biggest mistakes you can make when starting a business is to not choose the right location. Some locations can be expensive, others can be hidden away from customers by having very little foot traffic. To choose the right location, you will need to know your business.
Think About Your Brand
Consider the brand image you would like to have. If you intend to market to upscale customers, you will need a location that is nearby other upscale stores. However, if this is not a key concern, you will want to take other factors more into consideration since high-end locations can be more expensive. You will have more flexibility if your business has limited contact with customers. However, you will still need to consider whether the location will be convenient for your employees. More convenient locations will make it easier to attract talent.
Walk In Your Customer's Shoes
Understand how customers will most likely reach your business. Are they more likely to go out of their way to visit your type of business? Do you sell products that otherwise aren't available in the area? Or will your customers likely be the type to stop by after walking past your store? Pay attention to stores that have more or less traffic in the geographic area. Visit the location you intend to start a store at different times of the day to determine how many customers may walk past your store.
Consider where travelers will be around the time they come across your business. For example, if customers will most often drive past your business when they are heading home at the end of the day, this would not be a good place for a breakfast restaurant. Your business should not be located on a dead end street. Not only will fewer customers travel down the road, but it can be challenging for them to turn around when they leave.
Don't Forget Hidden Costs
The rental cost of your commercial space isn't the only cost to consider. There might be higher maintenance costs if the weather conditions are harsh. For example, stronger winds may lead to more roof repairs. Also, if you live in an area with a high crime rate, you may need to spend more money on insurance. There are a lot of factors to consider, but when you weigh all of them, you will be able to choose the perfect location.
Talk to realty services, like the ones at Realty Executives, to get more help on choosing the perfect commercial space.