Even though the entire world is shifting towards more online forms of shopping, a big enough business will always need some form of physical presence in the form of an office or a store of some sort. You might need the physical presence in order to do warehousing, in order to give a physical brand presence etc. However, just because your business requires a brand presence, doesn’t mean that you get to set up shop wherever you please. There are in fact a lot of different factors that you should consider before opening up a brick-and-mortar store and in this article, we’ll be explaining them.
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So, what are some of the factors that you need to consider when looking for a good location to set up your business in? the first and most important factor is accessibility. How accessible is your location? are there frequent railway movements around the area? is there even a train station? is it close to major highways? how far away is it from your main suppliers? All of these questions must be considered before deciding. You will realize soon that the closer the location is to more urban, highly centralized areas, the more costly the location is. If you want to go for a cheaper option, you can consider a suburban location however you must ensure that your operations aren’t hampered. If your business relies on a lot of footfall, then you need to make sure that you survey the location and the infrastructure extremely well before you buy the land.
You should also look into how much crime there is in the area. If there is a lot of crime then you can be sure that you won’t attract a lot of clientele, or it may not be the type of clientele that you want in the shop. As a business owner, you’re never going to know everything so you must use your gut instincts. If you use your gut instincts, you will become a better leader and you can in this case take whatever precautions necessary.
You also need to be aware of your competition. If you set up shop next to a competitor you might be benefited from it, and you might be worse off for it. That is simply the nature of business. You may have heard of the term cluster marketing. Where a certain location becomes well known for a certain type of business. In that kind of situation, it might benefit you to set up shop there, because you have a high volume of customers walking by. If you have only a few customers in the area, then competition can certainly spell trouble for your business in the future unless you learn to adapt to the pressure.
