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When opening a new store, careful consideration needs to be given to its location. Will it receive foot traffic? Will the product sell to the local demographic? What other businesses are nearby? These are just some of the questions you need to answer before setting up shop – continue reading to find out more.
Demographics
There’s no point in opening a store if the local area has no interest in it. You need to carry out careful research to make sure your target audience can easily access your store. There are many ways you can do this including surveys and sampling. Once you’ve narrowed your search down to a few key locations, we recommend a Pop Up Shop, which will let your gauge the success of a product within the local community.
Zoning
You will need to observe the local zoning maps, which will tell you what type of businesses can operate in which areas and where your business will thrive the most. For example, if you own an upmarket restaurant, there’s no point in opening in the middle of an industrial estate. The best places to open are close to commercial zones. Additionally, you should make sure there are residential areas nearby, which will allow for foot traffic.
Building Structure
Your business location is the first part of the puzzle, now you need to consider its structure. The building’s layout and facilities need to complement guests and employees. For example, will all customers have access to your building, even those with mobility issues? Additionally, will your staff have enough room in the back of the house to relax when they’re not on shift?
Competition
Wherever you open your business, there’s bound to be competition. You don’t want to be positioned right next door or adjacent, you need to establish your community. However, there’s no harm in opening near other popular establishments, as it may increase foot traffic to your business.
Foot Traffic
If you own a small business, you’ll likely rely on foot traffic when you first open, so make sure you check out the local area. The best way to do this is by visiting the local area a few times and noting down the peaks and troughs, which will give you an idea of when peak times are. Naturally, you should check out the area on weekdays and weekends, as foot traffic will be different.
Other Businesses Nearby
Opening a store next to direct competition is a poor idea, but situating yourself near alternative busy businesses is a fantastic way to drive traffic to your door. If you act carefully, you can form close partnerships with local businesses, which will help you nurture a positive economic environment.
Conclusion
Opening a business is exciting, but there’s a lot of work to be done before choosing a location. As well as the correct demographics, It needs to have high foot traffic, nearby businesses and residential areas, a sound structure, and no direct competition in the immediate vicinity.
