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The Right Location
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| 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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 SELECTING 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).
Find out which 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 your local municipal
authorities, check are you permitted to conduct your business in the
location of your choice.
Make sure the location you selected
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.
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| RELATED INFO |
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Market
Research
Your
Product Or Service
Your
Customers
Your Competition
Getting A
Financial Picture
Business Guide
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| RECOMMENDED
LITERATURE |
The Site Book: A Field Guide to Commercial
Real Estate Evaluation - 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.
Location, Location, Location -
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.
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