Location | The Biz Knows

Location

Location, location location! We’ve all heard it before. Location is a key factor, it can make or break a business. Whether you are looking for prime real estate in the middle of a suburban town, or a virtual setting, where you set up shop can ultimately determine the success, or failure of your business. Regardless of the location, attracting the most traffic will give you the greatest opportunity for customers to see what goods or services you have to offer. Listed below are a few key items to consider:

Target Customer - Each business should have a target customer they are looking to attract, or who may have an interest in offered products. Based on this information, placing your business in a prime setting will help maximize sales opportunities. For example, small business owners who specialize in bicycle sales and rentals should consider locations such as the beach, vacation getaways, or warm climate areas.

Good Visibility - Most businesses that are easily accessible to their prospective consumers will have a higher likelihood to attract more customers. This includes high traffic malls or shopping centers, busy interstates or highways or frequently visited search engine sites such as Bing or Google.

Safety - Customers will not shop where they do not feel safe. For brick and mortar locations you want to make sure you have optimal lighting in prime areas such as all exits and entrances, and parking lots. You may want to consider areas known for little to no crime, as that can be a deterrent to patrons. Virtual locations are no different, you should have security options to protect client information from predators.

Competitors - Even though you may not see the benefit, operating a business close to a competitor may help spawn your business. Shopping malls have shown great success of why proximity to your competitors is an important factor. In most major pedestrian malls where there are food vendors and apparel stores, retail space is often pricey. This can be attributed to the fact that the number of potential customers increases exponentially on a per-store basis when placed around the concentration of like businesses. For example, while one store may attract 25 customers, two stories might attract 300 customers, and three stories might attract 2,000 customers.

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