Location, Location, Location –
Your business advisers from the SBDC and SCORE were right — location is critical to the success of your business. Whereas a good location will enable a struggling business to ultimately survive and thrive, a poor location is the straw that will break the back of the camel of any retail business.
You should review the following factors:
* Where are your customers located
Are they within a certain radius of your location? Are they all over the city or state? Are they regional or national? The answer to this will affect your choice of location.
* Traffic, accessibility, parking and lighting
If your business depends on drive by traffic or on the presence of pedestrians, you’ll want to seek out popular retail locations, such as a downtown area or a mall, where there are few restrictions on signage that can help attract passing customers.
* The location of your competitors
If your business is retail and relies heavily on foot traffic, it might make a lot of sense to locate your business close to your competition. Ever notice that some downtown intersections appear to be magnets for coffee shops. Customers tend to congregate where there is a concentration of like businesses.
* Condition and safety of your building
Make sure to check out the building surroundings at all hours of the day to get a feel for the neighborhood. Check out the lighting and the parking lot if there is one.
* Any local incentive programs for business start-ups in your specific targeted area
Does the city or county have any business incentives in the area surrounding your proposed location. Is the area an Urban Renewal Area and is it due for tax credits or some other form of government subsidy.
* The receptiveness to a new business at your prospective site
Is the prospective landlord sold on your business idea and do you think that other businesses in the area will perceive yours as a great addition to the business landscape.
If the answers to most of these questions are positive. only then should you consider making a decision on the location.
