Finding The Best Location For Your Store
An online store is quite easy to build; even though your marketing game is lacking nerves, you can always share in the joint traffic that’s directed to the site. In addition, you can put up your business on more than one e-commerce platforms, buyers will always locate you.
On the other hand, a physical store is quite different, you have to be keen on getting visible traffic to your shop. The success of your store depends greatly on location and getting a good location requires a little bit of research and a bulk of considerations.
However, the fact that the area is attractive and all the rich folks reside there doesn’t mean a clothing store would thrive at the location, they probably import all their clothes and this is exactly why you need proper research.
This post is focused on finding the perfect store location for your business, consider these factors and implement them as soon as you want;
Define Your Target Customer
This isn’t a tough one, your product or service will determine your target customer. Before you make any business decision, you have to know the population you want to serve; this includes age-range, occupation, location, income level and every other fact that indirectly affects your business. Knowing this will partially help you discern the area to look into.
Decide How You Want Your Business To Fit Into Your Life
Starting a business will definitely take up your time and require your utmost attention, the beginning will determine how much success you’d record few months further. You need to ask yourself, how much distance am I willing to cover every day?
The fact is, you have to consider how much you’re willing to disrupt your life in order to gain customers. If you don’t want to spend so much on a daily fare, simply pick one that’s close to your residence. In most cases, the best location won’t be a stone throw from your house but then again, it all boils down to your commitment.
Consider Traffic Flow
This refers to the amount of crowd that moves through that route as well as cars. You can’t place your store in an enclosed area that has little or no visitors (except it’s an online store though), your store must be in an open space.
As much as you want a crowded place, you also don’t need an overly thick space. Put the needs of your potential customers in mind and make sure a decent parking lot is available. The last thing you want is losing customers because they feel their cars won’t be safe around your store.
The major reason for the whole movement is for visibility; the more people can see your store, the better. The only way you would probably survive in an enclosed area is if you engage in robust marketing, which is money consuming and can be avoided too. Along with been seen, your banner or signage must be very visible even from a distance.
If you run a boutique, it’s a crazy idea to get a store right beside a rental service or a real-estate office. Well, you could be lucky but it would be best to fix your store close to a beauty lounge or any other fashion-inclined business.
This is very synonymous with having an online store where you share in joint traffic. A popular store is, of course, a customer magnet and placing your own store right beside it would boost your sales.
Nothing great ever comes without a cost. Actually, the better the location, the more expensive it would be. What you want to do is weigh the cost of the store and compare it to the environment and how much money you would probably be making. Better still, conduct a research on how well existing retailers make profit, this is the best way to weigh your options.
Quality of Competition
It’s a good idea to do your own demographic research and get what’s best but at the same time, planting your store close to your competitors’ isn’t such a bad idea.
According to Greg Khan, a reputable CEO in North Carolina, USA, there’s a good reason why your competitors chose that location, it means business is booming. “Why spend the money when they’ve already spent it for you?” Again, you get to share in already built traffic.
The whole process would require your full dedication and would also determine the success of your business, so don’t blow it.
If you have any factors you think could be helpful, kindly send us a mail and express your contributions in the comment section.