Once a business plan is finished, subsequently the next phase is to implement the key elements in the business plan, including finding a location if you are a brick and mortar business.
Location, Location, Location. This saying has been used time and time again to emphasize the association of being successful and having a good location, and time and time again this saying has been proven to be true. There are a few vital things to look for when seeking a location that will lead your business to success.
Appropriate location for type of business: First things first. One of the most important aspects of your business location is finding the appropriate location for the type of business. It is imperative that your location suits what type of business you will be running in it. For example, if you are starting a restaurant you may want to find a place that has ample floor space, the correct electrical wiring, lighting, ventilation, and compensation for the equipment needed (gas hookups, floor drains, walls and ceilings able to endure heat, fire prevention equipment, etc.). The location should match your business type unless you are purchasing a location to remodel or renovate.
Surrounding Area: Parking, major roads, foot traffic, and reputation of the neighborhood are all importing things to note when choosing a location. Parking can be one of the most important aspects of your business especially in the startup phase. If a customer cannot find a place to park, they may just go to another location that they are familiar with. Since your business will not have much notoriety to start customers wont waste their time if getting to your business is a hassle or is not convenient. Ample parking space is vital to a successful location leading to a prosperous business.
Major roads surrounding your business location can be a great asset. It will not only ensure ease of access to your location but it will also make your business noticeable and visible to the public. By being able to see your business by driving by, a customer is more likely to stop at your location because it is convenient to access. Customers do not usually want to travel around small hidden streets to find a business, especially if it is just a startup and new.
A safe clean area surrounding your new location is important to reel in customers. Fewer people will want to visit your business if it is located in a neighborhood that has a bad name; it actually could veer potential customers away.
A location that harbors an immense amount of foot traffic is ideal. There is nothing easier than reeling people into your business solely because they are walking by. Also if you have foot traffic a compelling storefront is important. Convenience will increase the prosperity of your business.
Rent or Purchasing Costs: Can you afford this location? This can be the downfall of a location; pricing. Many prestigious locations that offer all of the aforementioned will have very high purchasing or rent costs. Setting a budget range will ensure that you get a location that you like at a price that you can afford. If you have completed financial projections, you will have a good idea of what you can afford.
Be aware of competition: The worst thing you could do is open a business around other similar businesses. It would not be in the best interest of either party to start an Italian restaurant across the street from another Italian restaurant. When you start, you will have to overcome reputation of an established business, and even when you are established, you will still lose business to the competitors easily. The best thing to do is find a location next to complimentary businesses that you will not have to battle with like starting a high end restaurant near a high class hotel. The hotel can recommend the restaurant to its guests and vice versa, both parties are compensated equally.
Although finding a location is not the first thing that you will be doing for your business, it is an important thing to think about. Certain aspects of your location can actually threaten the success of your business. If your location is hard to find, not suited for your type of business, surrounded by competition, or is located in a bad area, you may be setting your business up for disaster. The best location for your business will become clearer after writing a business plan because you will know the market, competitors and industry.