When you plan on opening a store, choosing the right location is one of the first and most important decisions you will make. Not only does your location help to establish your presence in the community, but it also can be a big help or hindrance that dictates how successful your business will be.
Accessibility and Visibility
The two most important factors to consider when looking through commercial real estate in an effort to find the perfect location for your store are accessibility and visibility. Your store should be easy to access, so customers don’t have trouble getting there. Make sure that customers can reach your shop by foot, car, or public transport so that they can find it with ease. Additionally, visibility, in general, is key. You want to ensure that potential customers can see your storefront from the street or main road, so they can find your store or just know you exist.
Demographics and Competition
It’s also important to consider the demographics of your target customers when selecting a store location. You want to ensure that you’re in an area where people who are likely to buy from you live and work nearby. For example, if you were something like a grocery store, you’d want to be relatively close to homes containing families who would buy from you. Additionally, it’s important to ensure that there isn’t too much competition in the area as having a lot of other stores offering similar products or services as yours nearby could negatively impact your sales.
Costs and Standards
Before finalizing the decision of where you want your store to live, you should also consider how you plan to pay for it and what setting up shop means. This means choosing whether you want to rent the space or outright buy it. On top of that, if there’s any construction or remodeling that needs to be done, such as if you were buying a plot of land and needed to build the physical store or just modify existing space to better fit your business, the costs associated complying with local standards for building codes or zoning regulations. Make sure you have enough money set aside for rent or mortgage payments and additional costs such as utilities and upkeep, so you don’t get into financial trouble. It’s also essential to research local laws and regulations related to setting up shop in order to ensure compliance with all applicable standards before opening day.
Choosing the right location for your store is crucial if you want it to succeed, as picking any old place won’t do. Think carefully about factors such as accessibility, visibility, demographics, competition, costs, and standards before deciding where to locate your business to maximize its success potential. With some careful consideration upfront, you can make sure that you select an ideal spot for opening day.
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.