Location. Location. Location.
When you were envisioning your small business, chances are you had a vision of how that space would look, what the neighborhood would be like and you could see smiling customers coming in and out at a steady pace patronizing your business. Whether you are choosing a location for a new business or working on an expansion, finding a location that
lives up to your vision is a complex and crucial decision. The SilverEdge team breaks it down for you with 5 tips that will make the process easier.
Always begin with your customers.
Do you know their habits, their likes and dislikes, where they work, play and live? If you’ve been using a point of sale system with reporting features then it’s easy to gather information about their buying habits and who they are. Make sure that you are going to them and that businesses around you complement yours.
Foot traffic and access.
This is important not only for your customers, but for your vendors. Will you need a loading dock for deliveries or other special access? Is it easy to get in and out quickly and find parking? Visit the location on several different days and times and use a manual clicker to count people as they pass by. Having the solid numbers makes it simple to evaluate whether or not you’ll get the traffic you need.
Does the neighborhood meet the needs of the people who work for you? Find out what housing prices are, how the schools rate, and what the crime rates are and then share that information with your employees to make sure it is a fit. Ask yourself if it will be easy for you to find new employees in the area when your business starts to grow? Knowing who currently lives there and what would be desirable about the area to your current employees is important.
Ordinances or zoning restrictions.
If you are working with a broker, they should be able to tell you about future plans for the area, but remember that you need to be your own advocate. If you aren’t getting the information you want, then go directly to the city planning office. Surprise fees or uncomplimentary businesses in your neighborhood can have disastrous results.
History of the location.
Have past businesses been successful in this location? If not then find out why. If several businesses have failed here then it is likely that there is a common reason and knowing that can tell you whether or not it is something you can get ahead of.
If you are ready to talk with a SilverEdge representative about how your POS system can gather data you need for crucial business decisions, then set up an appointment today.