For some businesses, location is everything. But it’s not something that can be done instantly. You need to do some research, know more about your business operation, and other important things.
It is also important to know that the best location for your business depends on the type of business you operate. Some businesses require a big open space while others don’t. If you’re running an online business, a more affordable location on the outskirt of a city could be the best choice.
Vetting all of your options could take a long time. Whatever you’re planning to do, these tips could help you get a better picture of the best location for your business.
1. Choose based on the type of your business
Like I’ve already mentioned above, the type of business that you’re running will be a big factor when deciding on a location. I am going to mention some of the most popular types of businesses such as home-based and retail businesses.
For home-based businesses, flexibility is the biggest perk you can get. First, you can just use the space you already have, which is your home. If you need more space, consider getting another home just for the office space.
Retail businesses have plenty of options: from downtown storefronts, strip malls, retail space in airports, kiosks, and free-standing buildings. Nowadays, you have various options to choose from with different prices and benefits.
2. Think of your brand
Depending on your niche, the competition could be very tight. If your brand is still new and trying to break into the market, you do not want to create a new office right in the middle of other famous and high-end brands.
On the other hand, your famous brand might not do well in a rural area or college town. You have to know your audience better and learn whether the competition in the area is healthy for your business or not.
3. Consider a safe location
I know you might be thinking “Isn’t this obvious?” but I know some business owners who ignore the safety of their locations because they’re lured in by the promises of profit. Operating a business means you have to consider all the possibilities, even the worse ones. You can’t operate a business in a risky area.
This is especially important for businesses with inventory that may entice burglary and thieves. Or perhaps, your business operates late into the night with only a few people working at the same time.
4. Locations with parking options
I always get sad whenever I see small-medium businesses that don’t have any parking space. It must be very difficult to operate any businesses in such a location. Think of how many customers changed their minds because they didn’t see any parking space. And it’s not just the customers, your employees will need a parking space as well.
5. Location with a high demand
The ideal business location is where there’s a demand. Usually, locations where people already know what to expect from there. For example, a neighborhood where you can find many restaurants, electronic shops, or bookstores.
Look for areas where your brand and products or services are in high demand or where the competition is healthy. Even better, in a location where other businesses on the block are complementary, so your business fits the location.
6. Reachable location
If you’re running a business where your customers must go to see you in person, you must consider locations near the center of the city. Pick a location where people can find and reach you easily. For example, a retail store or a grocery store.
7. Foot traffic
Many retail businesses are relying on foot traffic. If you’re running a retail business, you don’t want a location that is tucked in a corner where shoppers won’t notice. Choose a location that your customers love to walk by and can easily notice your brand.
On the other hand, if your business requires confidentiality, high foot traffic might not be the best for you. Foot traffic also depends on the time of the day and the days of the week. Make sure the volume of foot traffic meets your requirements.
Choosing the best location for your business is not easy as people think. There are so many things to think of, and it’s easy to be side-tracked and choose the less optimal location for your business. Don’t rush it, learn more about the business that you’re running and the competition, and strike when the time is right.