Here is a checklist of some of the most important things you need to look for when selecting a new site for your business.
- Is there enough space to meet all your requirements?
- Will it be easy for your customers and potential customers to see you and get to you? For example, what are the busy roads around the location; is there easy access to a major highway or is it at the entrance to a suburb?
- What is the demographic of the area (age, income, household spending)? Is this your ideal target audience?
- Is there enough parking, even for the busiest periods? If not, what alternative parking arrangements can be made?
- Are the security arrangements at the parking (and even in the area) sufficient?
- Observe the flow of customers at the property. Is the layout of buildings adequate and appropriate?
- Contact the local authority to find out what the future development plans are for the area. How will this affect you?
- Is the location zoned for your type of business?
- What is the proximity of your competition? Can the area afford to have one more of you?
- What other businesses are in the area that may provide you with more customers, e.g. a busy shopping centre or concentration of office blocks.
- Are there any empty buildings or lots of “to let” signs in the vicinity. Why is this?
- Visit the site at different times of the day, during the week and on weekends. Sometimes an area can be very busy during the work day and dead at night and on weekends.
- Last, but not least, can you (and your business) afford to buy in this area?
The perfect location for your business depends very much on the type of business and who your target market is. Hopefully the questions above will give you a good idea of where to start looking for the best location for your business. More research will kick in when you start to assess the actual building you will be buying.