Where you decide to start and develop your business can have a profound impact on your future growth potential and overall success. You shouldn’t necessarily pick the most convenient or ostensibly glamorous available spot to set up shop, though, since a complex constellation of factors affects your future sales potential.
Finding the Perfect Location
These factors include, for instance, how well the sprawl of your consumer base affects your marketing outreach and the ways in which you growth potential will be facilitated or hindered in the years to come based around your business’ brick-and-mortar location.
You also should be factoring in branding decisions as well as how well your future location is able to support your company’s unique logistics.
- Branding and Professionalism
Whichever area you decide on to house your business will have an impact on your image and sales. It’s as simple as that. Consider how well the area that you’re considering jibes with your company ethos, financial direction and target audience.
Remember, also, that clients and potential investors are likely to be coming and going, so keeping up appearances and choosing the right location the first time is essential. Your employees and professional peers will also appreciate a quality location that’s a fitting respite, workplace and meeting location.
A headquarters that reflects your professionalism also makes a great impression with advertising agencies. Moreover, a stellar public image coupled with nearby competitors could actually be an asset in terms of bringing in customers.
- Visibility and Convenience
Visibility for storefronts is often the lifeblood of a thriving business. A storefront that has striking curb appeal and is exposed to around-the-clock traffic is far more prone to turn curious walkers and drivers into loyal customers over the long term.
You want to make the customers’ job as easy as possible by facilitating a convenient purchase from start to finish. This starts with having a visible storefront and offering cheap, if not free, parking to all of your customers. Speaking of your customers, you should research the area beforehand and determine whether that area’s demographic aligns with your target audience.
It’s sad that many local businesses fail to expand, and some ever end up shuttered, because they simply haven’t considered that a day-in-day-out lack of visibility could put them out of step with the customers they supposedly serve. If you’re in the process of buying or otherwise relocating a business, then make sure this acts as a cautionary tale.
- Logistics and Zoning
Moving onto logistics, you need a location that allows for scalability and that doesn’t curb your long term growth potential.
There’s nothing more annoying that being hampered by too much success, too soon – some businesses develop far quicker than they had anticipated and, subsequently, take on extraneous costs vis-a-vis relocating and rehiring.
When checking the logistics of a future warehouse, retail store or office site, consider how much actual space you need – while factoring in five years or more of expansion – before making your decision.
It’s important to also factor in the fact that professionals in different industries have disparate concerns – managers need individual offices for employees, restaurant owners need the right infrastructure to run a kitchen, and retail stores need the right balance between storage and showroom space.
Lastly, if you’re considering purchasing a business in a new area, you definitely want to look into local zoning issues. If you’re orchestrating a buildout or extensive renovations, check to make sure your plans align with regional ordinances and your current lease.