Whether you’re a long-established local business or a humble new start-up ready to literally set up shop, it can be tough to get by and keep up in this modern and high-paced world. Because of this, it is extremely important that you know the strengths and weaknesses of your location in detail to see what is going well and what can be improved.
Here I am going to show you why your store’s location is so important to success and give a few tips on how to make the best of where you are and help ensure the best profit available!
Many claim this as not only the most important factor for location, but also as the most important factor contributing to any business’s success. Making sure you store is in an area with the maximum amount of pedestrian traffic will ensure that you cast the widest net for potential customers.
For many establishments, the ideal locations for footfall are often large market streets or malls, but depending on the nature of your business and your target audience, less populated areas can actually be better for sales, attracting those who like to shop in some peace or allowing you to be located closer to your customer base.
Tap in to the locals
Knowing your store’s local area can be one of the most important parts of running a store for a lot of local businesses. Being aware of what sort of age groups are most active in an area and what sorts of activities the locals engage in can go a long way to helping you know what to stock and when. No use stocking football merchandise in a neighborhood obsessed with basketball!
Especially for those looking to start a new shop or rebrand their current one, trying to find an untapped niche in the area you are looking to start up can make a huge difference. Maybe there’s a huge board game following in the area or fishermen come through on the way to the local lakes, doing a little research can tell you whether you have a good idea for the right place.
While not a traditional definition of location, having a customer focused presence on the internet can be the difference between foreclosure and success. A well-managed and visible homepage for your store can help guide people towards your store and can also provide an online shopping experience to help directly drive additional sales.
Many modern shoppers will check online before heading in to a store to get an idea of pricing and stock levels, as well as to look for opening times and other similar information pertinent to visitors. On the other side of this same coin, the lack of an online presence can drive younger customers away.
A lot of businesses have moved to being online-only over the last few years, especially since the rise of Covid-19, showing how viable a great online storefront can be. This can be a great time to pack up and move online as a result, and The House Guys are buying in Alexandria, VA, too, making it easier than ever to convert to a digital business!
You and I aren’t the only people who are aware of how important location is. The price to lease or purchase a property is deeply entwined with the property’s location, and many things that might make a lot attractive to you will probably make it just as attractive to other hopeful buyers.
This is where it starts to get more difficult, as the perfect spot for your store might be completely out of your price range, potentially reducing your options and limiting you to finding the best property you can afford instead of finding the perfect spot for your shop.
Even though this guide is brief, you should have a decent idea now about why your store’s location matters so much and hopefully you have a few things to think about with your own store or business. Now get your scouting cap on and go explore some potential locations with your newly trained eye and make some money!