Finding the right location for your business

Finding the right location for your business is one of the most important parts of opening your small business. Picking a location for size may not be the best if you rely heavily on visibility, like movie theaters and restaurants do. However, picking a business in a high traffic area may not be the best idea because customers may not be able to even get into the parking lot, causing some buildings to go through tenants like crazy.

Every business has a different target audience. While Victoria's Secret can survive in a shopping mall, a copy and print center probably won't last too long. Knowing your target audience can help you pick the right location so you can stay in business. Your target audience will also help you understand some of the other things you may need to reach them like extra parking, handicapped ramps, and access to other businesses that fit their shopping needs.

This is why you often see grocery stores teamed up with banks, post offices, and convenience stores like K-mart. Customers are able to do one-stop shopping and get everything they need without driving their car around to 10 different stores. For example, a natural health food store often survives well in areas that are around doctors offices, healing centers, massage therapy centers, and other places that cater to health-related needs.

Besides understanding a little about your target audience, put yourself in their shoes. Is it hard to get to your business? While it may be a great location, it won't do you any good if people spend 30 minutes with their blinker on trying to get into the parking lot. This will force them to start looking elsewhere for the items they need. Make sure it is easily accessible for your target audience and try to find a location that has multiple entrances. Some other things to consider include public transportation access and the parking lot.

Do you share the lot with other businesses? Is there enough room for their customers plus your customers? What will happen if your customers only stay for 10 minutes and their customers stay for 2 hours, do you have enough parking to meet these demands? Don't forget about your customers that have wheels like handicapped individuals and infants. Moms will strollers always appreciate a business that is family-oriented and provides enough room for them to get around with their stroller.

Do you have competition close to your business? Having your competitor's right across the street may not be your best option if you want to be successful, especially if they have been in business for awhile. Look for a location that has more to offer than your competitors like extra parking or handicapped access.

If you want to get your store in the mall, but the rent is too expensive, look for a strip mall or consider renting a building that is just outside the mall. This way you can still share the parking lot with the mall and you have the convenience of being close to your customers still.

A great way to pick the ideal location is to map out where your customers are coming from. If you have a boutique shop, perhaps setting up shop in a neighborhood is a better idea than going to the mall. This gives women the excuse to get out with their girlfriends and go on a shopping trip. Plus, you are close to where they live, allowing some of your customers to go for a brisk stroll and stop in on their walk.

Always consider how long you plan to remain at this location. If you are in a developing area, consider how new houses will impact your business. Will the construction block off direct access to your business or the roads that your customers travel on? Speaking with your local city officials can help you determine what types of plans are in the works for your business location.