For a small business, finding the right location is critical to success. The problem is the best locations are often the most expensive locations. Therefore, some thought needs to go into how to find the best location and value. There are some non-negotiables for every small business regarding their location, but getting these non-negotiables in a location while retaining value is actually quite doable when understanding what constitutes a great space.
The first thing to do when planning a location is knowing how much space is needed for the retail and storage areas. Find the minimal amount of square footage needed, and work up from there. Prices for commercial real estate are generally by the square foot. Some places offer more space at a lower cost, while others have small footprints but higher prices. Find the one matching up best with the ideal customer priorities.
Legacy clothing designers like Versace don’t locate their stores in the middle of industrial areas for good reason – their customers won’t travel to these locations. It’s imperative to have an idea where customers will travel. Once a profile is established, check out the locations compatible with the profile. This is where deals can be found. Where the most customers come in for the lowest cost to the business is the sweet spot.
Depending on where the business is located, parking can be quite the priority. In suburban areas, parking is baked into a retail space. For urban areas, especially those in downtown locations, parking is a luxury. A business having a decent number of parking spaces where parking is valued faces challenges of other customers parking in the lot. However, this challenge is outweighed by the benefits. If customers know they can head right to a business and not worry about parking, they’re likely to visit the business.
Finding the right physical space for a business is something an ROI consultant can help with; either with finding the location or planning the right type of footprint for a business to occupy. Get the right physical space for your business and reap the rewards. Email here.