Even with the fast-paced technological developments in countless industries today, it still pays to have a physical store setup. Sometimes, customers aren’t too keen on completing a purchase or paying for a service right away unless they know that they can trust a business to deliver. In most cases, a physical store or office is one of their determining factors to assess a company’s credibility.
However, renting or leasing a space for your brick and mortar shop can cost you a lot of money. Moreover, its location can significantly affect how easily you can get more customers to try your business. To ensure that the money you invest doesn’t go to waste, here’s a short guide to finding the right location for your business.
Accessibility of the office
When you’re looking for a potential location, pay attention to its accessibility. Is it located near the main road? If your business relies a lot on deliveries, you must ensure that the shop, warehouse or office is easy to find. Is it near your target customers? Can they find it easily through Google Maps or GPS?
Also, you must consider the rental costs for your selected locale. Take note that offices or shops in the metropolitan area cost way more than those situated outside the central business area.
Availability of business utilities
According to Utility Bidder, the cost of business utilities can be largely influenced by location. Ask around about the cost of setting up the gas lines, sewerage systems, power lines and other necessary utilities. Compare the prices of the service providers so you can find the perfect arrangement for your business.
Safety and security of the area
Before you sign a lease, you should make a thorough assessment of the areas near the building. Make sure that it’s safe for your employees and customers. Determine if its prone to break-ins and other crimes by looking at the crime rates and talking to the locals.
You should also check the building’s overall security features. Find out if the doors are fully secured or if you need to install additional features.
If it comes with a garage door, make sure that it’s not damaged in any way. If you spot any problems, ask if they could have it replaced and if they will cover the costs.
Proximity to your competition
Having a shop that’s located strategically near your competition can significantly affect your chances of getting ahead. It will help you entice more customers, especially those who aren’t too happy with the available options in your selected location.
However, take note that too much competition in the area, might not bring anything good to your business. You might not get enough store visits if your shop is surrounded by bigger and more successful names in your industry.
Opening a business can be stressful because of the many considerations you need to make. In the discussion above, you’ve read about how to select the best location for your business. Take note of all the important details discussed so you can invest your money in the right place.