Choosing the right location
for your business is the most important thing.
Many good ideas failed
because of the poor location. This is especially true for service business
such as restaurants, dry cleaners, retailers, hair stylists etc. If your
location is too far off the beaten track, you'll spend much more money
for advertising than you would if you are easily accessible. |
The three most important factors
affecting your business are:
1.
LOCATION
2. LOCATION
3. LOCATION
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| When you run a service business,
for example, it's not enough to choose a site because the rent is reasonable.
When selecting a location you should consider many other factors, for example: |
 Population
of the area you consider (whether it is increasing or decreasing). |
| Economic
background of the people living in the area. |
| Facilities
(for example, public transportation and parking). |
| Side
of the street (for example "going to home" side versus "going to work"
side, or sunny versus shady etc). |
| Location
of existing competition. |
| With
municipal authorities, check are you permitted to conduct your business
in the location of your choice. |
| Make
sure the location meets your physical needs (for example, enough room to
conduct your business properly, or to grow). |
| Determine
how co-operative and helpful your landlord will be. |
| Make
sure the rent is reasonable and within your proposed budget. |
| Check,
does this location have access to basic services (electricity, water, gas). |
| Make
sure you are accessible to your customers and suppliers. |
| Find
out, how is security in this area (is there police and fire protection?). |
| Make
sure the site you choose is the right one for your image and for the nature
of your business. |
| Find
information about property and business taxes (Are they reasonable now,
and will they increase in the future?). |
| Choose
location that suits you because you'll be spending long hours at your venture. |
| Think of
any additional questions you might need to consider. Once you've analyzed
a variety of locations make a list of them and discuss the pros and cons
of each. |
|
The
Site Book: A Field Guide to Commercial Real Estate Evaluation by Richard
M. Fenker
Written by an expert with 20
years of experience in commercial site evaluation, The Site Book is a practical
book that takes a logical and process oriented approach to site evaluation.
Built around dozens of real-life examples of sites that work, sites that
don't - and all the reasons why - this book explores the dynamic and sometimes
complex relationship between site features and other factors that will
ultimately determine the success of any restaurant or retail location.
The Site Book features: In depth discussion of the major areas affecting
a site evaluation including customer sources, usage patterns, demographic
reports, day parts, linkages, drop-in features, physical surroundings,
image, trade area, growth strategies, competition, and cannibalism.
A step-by-step guide through
the site evaluation process using a unique site evaluation worksheet.
Strategies for measuring
and weighting the relative importance of each site feature and calculating
a final site score.
Practical tips for specific
concepts and varying market conditions - such as opening a first destination
in a new market, adding a second store, or backfilling in a saturated market.
Strategies for site selection
in competitive markets where the best locations are in short supply. |
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|
|
|
Location,
Location, Location (Psi Successful Business Library)
by
Luigi Salvaneschi
Whether you are searching for
a new business site or relocating an existing business, you have the power
to dramatically increase or decrease your profits by choosing the right
location. Location is the most important ingredient for success for any
business that depends on customers finding it. But how can you tell what
is a good location? Experienced real estate executive Luigi Salvaneschi
shares all he knows about the topic in this guide for retail business owners,
managers, corporate and franchise operators, and real estate agents. This
book clearly explains how to:
* Spot the essential characteristics
of the best location
* Understand why and how
people move from one point to another and how this movement affects their
retail business
* Analyze & learn from
your competitor's business so you can make your store a better shopping
option
* Use the concept of the
analogue store to successfully project your store's sales
* Learn about the retail
trading zone and how to use it to capture customers
Use worksheets and instructions
to walk through the site selection process:
*Retail Trade Zone Survey
& Instructions
* Long-Range Store Development
Plan
* Real Estate & Construction
Checklist
* Analogue Rating Score
Sheet
* Hourly Sales Analysis
Worksheet
* Success Model Worksheet
Helps you identify and understand
your retail trading zone and gives industry insights on using city layout
and traffic patterns to your benefit. Also shows unique methods for analyzing
your competitors to maximize your retail potential. |
Up
Against the Wal-Marts: How Your Business Can Prosper in the Shadow of the
Retail Giants by Dan Taylor, Jeanne Smalling Archer
No matter how large the shadow
of the mass merchandisers may loom, this book shows small business owners
how to turn their knowledge into market share, using a potent arsenal of
strategies, tips, and advice to combat price-cutting, regain customer focus,
and identify and seize profitable niches. |
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