When it comes to choosing a location for your business, there are many factors to take into consideration. The type of business you are opening is the biggest factor when shopping around for a location. You will want to take foot traffic into consideration as well as whether there are competitors in the area that may infringe on your business if you chose a particular location.
You will also need to understand your demographics: do customers come to your physical location? Do you go to the customers? Will you have employees? Do you need a location that can accommodate a manufacturing facility? Will you want a drive up location? Are there other businesses in the area with which yours will mesh? For example, a floral shop next to a bridal shop could be a match made in heaven!
While you need to take competition into consideration, there are times when your location even if it’s next to a competitor could be a good thing and could help drive traffic to your store, especially if you can set yourself apart from the competition either through price or service or both. The law of large numbers might just work in your favor if you’re close to a competing business owner.
Is it likely that your business could outgrow a site that you’re looking into? You don’t want to choose a space and then have to move in a few months or even years down the road. Also, how much customization will the potential space need?
While there are many things to take into consideration, the move to a new location for your business is an exciting time and is also a perfect time to throw a grand opening event and garner even more interest!