You hear it again and again, the importance of finding a prime location when choosing where to open up a business, yet many still find themselves tucked away in a corner far from main intersections or anywhere where people can view their signage. Being a SEO company doesn’t need a prime location, but your retail shop or restaurant sure does.
So you may wonder why location is of such importance. Location is important for both large and small businesses, and it has a direct effect on the operations cost as well as reaching the target clientele and customers, resulting in creating necessary revenue. In addition, once you choose a location, it is often costly to undo – picking up your business and moving somewhere else has its downfalls, which is why the first spot you choose needs to be in a prime location. The costs of moving can cost you customers, and result in losing staff if you move to a farther destination than where they are willing to commute to. The risk of inconveniencing staff and customers is not a risk you may want to take, so being sure that the spot you choose is the right location the first time around will save you from a lot of stress and hassle.
While there is no such thing as the “perfect” location, there is something called a “prime location”, a location surrounded with the right clientele and good general traffic. Being near a main intersection, for example, generates a great deal of traffic (both pedestrian and car), traffic which can be converted into customers when they view your business when driving across town or walking around a neighbourhood. Ensuring that your business is in a good location does have its benefits, benefits such competitive unit costs. This means that an acceptable location allows for access to inputs such as supplies and raw materials. A prime location results in optimal revenue opportunities, as both clients and staff are not inconvenienced to travel to your location, but rather enjoy entering your business as its location is easy to access and in a convenient spot. Finally, a good location allows access to a labour force and therefore enables your business to achieve its goals in workforce planning.
Furthermore, the government actually offers grants and assistance to businesses that locate to areas that suffer from low employment ratings. Incentives often include grants to help the start up of your business, loans which are repayable over many years with low interest rates, and various tax breaks. There is a lot of thinking that should go into choosing the location of your business as receiving tax breaks and grants can help you a lot with your overall start up costs.
Finally, a very important part of choosing a prime location is the amount of parking space surrounding your business. Pay parking or meter parking is not ideal and could very well deter customers and staff from entering your location. Customers look for convenience and pay parking is not ideal as many will choose to visit a competing business if they offer free parking and an easy to access location.
Location is extremely important, and finding yourself in an undesirable location can be stressful and upsetting to a new business owner, especially when first starting your business. You want your name to get out there and you want to be seen – whether it’s your signage on the street corner or the signage plastered to your windows, you need customers to be able to see what you are offering in order to attract them. It’s a shame when you run into a great business or service doing poorly because they are not gaining the recognition they deserve simply because they are hidden away from traffic and potential business. If you find yourself in a situation such as this, be sure to find other ways to allow your business to be seen, whether it is going door to door or handing out coupons, you want your name to be out in the public generating discussion. By thinking hard about the location and taking the time needed to make the decision on where your business will be located, you can avoid issues later on and can ultimately generate a great deal of revenue with increased amounts of business.
Oh yeah…don’t forget to put that location on Google and every searchable platform possible.