Many business owners fail to do enough research before picking a brick and mortar location. When the success of your business depends on face time with customers, you must choose your physical site with great care no matter your industry for the following five reasons:
Interaction With the Right Customers
The locations should be as close as possible to where members of your target market primarily shop or connect to similar products and services. For example, a movie memorabilia or comics store business owner should consider setting up near a movie theater. A business owner who sells luxury items should consider a location close to where people with high incomes shop, eat and live.
Proximity to Target Market
Consumers usually dislike traveling for products and services and commonly frequent local businesses they can reach by traveling short distances via walking, biking, driving or public transportation. Even a site slightly removed from high traffic areas or more than a half hour from target residential and shopping spots can result in fewer sales.
First Impressions About Your Business
Some business owners pick low lease price locations and pay dearly for it. Always choose a spot that supports your brand identity and that you feel can make a positive first impression. Ask yourself what types of mental associations you want customers to make when thinking about your business. What do you want them to relate your brand, products and services to?
Parking Availability and Safety
The biggest problem with getting customers through the door for some business owners is a lack of parking spaces or inconvenient access. The state of your parking lot can mean the difference between low and high traffic. You also need to consider safety. Most modern consumers refuse to shop at places that fail to have bright pole lights and security cameras in their parking lots.
Lease Price Choices Vary By Area
Some areas feature great commercial building leases but fail to meet other customer engagement requirements. Use a commercial property comparison tool like the one found at Hartman Income REIT to compare properties by type, location, lease pricing and other details.
Although various factors influence how many customers you attract to your business, these tips can help you find the perfect building in a target high traffic location at a reasonable price. Keep them in mind as you research and select your business location.