I’m Rich and I welcome you on my personal space on the Internet. I created this blog with a single purpose – to inspire you to take charge of your money and help you become a financially successful and independent person.
In certain types of businesses, location is vital to the business’ chances of success. Location is important, in fact, for most businesses; no company wants to have to locate itself in the middle of nowhere, or in a rough part of town.
However, for some business types, finding the right location isn’t so much as something you hope for as something that you directly need. When it comes to location, these businesses have to get it right— because if they don’t, the consequences for their long-term business success could be very troubling indeed.
Below are the four types of businesses that, almost above all other concerns, have to get the location of their premises just right. We’ll explain why these businesses are so vulnerable to location-based issues and, importantly, provide a insight into how you might be able to overcome the location-specific problems you may experience with these businesses. So, without further ado, let’s jump in…
Real Estate Offices
If you’re running a realty business, chances are you already know about the importance of location, location, location! However, it’s not just the homes you sell that need to have a perfect location— your offices also need to be found in the right part of town.
If you’re curious as to why, the answer is pretty simple: it’s all about appearances. If a realtor doesn’t know the importance of locating themselves in a pleasant, high-end location, then how can they be trusted to understand the lie of the property market at all? Your choice of business location is a chance to showcase your connections and your innate ability to find the perfect area for a particular kind of buyer.
You also need to find a location that is going to be subject to a huge amount of foot traffic. Passersby are hugely influential on finding clients, so don’t isolate yourself far from the general crowds. If possible, find a location full of stores and facilities that people use regularly — such as gyms, post offices, and convenience stores. If people see your business frontage often enough, when it’s time for them to move house, they’ll usually remember seeing your offices as they ran errands or attended a spin class. Even when people aren’t actively interested in buying or selling their home, they’ll remember real estate offices if they see them frequently enough. As a result of this exposure, the next time they are buying or selling, they’ll remember your offices, and will likely decide to pay you a visit next time they’re in the area.
The restaurant industry is a tough one. Even big names struggle to make it in this fast-paced, exciting industry, and if you choose to open your own eatery, you’ll need to be ready to work hard. You’ll spend your days juggling staff, going through your restaurant insurance quotes and managing your menu— and these are all undoubtedly crucial to your success. However, you cannot overlook the fact that location is one of the key deciders on whether a not a restaurant is able to succeed.
You need to find a location that is useful for both foot traffic and for pre-bookings. Some restaurants forget that passers-by might decide to stop if they like the look of a restaurant, which means they miss out on this potentially lucrative method of generating custom.
You also need a location that is close to other attractions, and particularly to theatres, cinemas, and other entertainment venues. It’s easy to assume that restaurants are a venue in and of themselves, but it’s important to remember that many people will choose to “make a night of it” with a trip to the cinema or a show. If you’re close to these kinds of venues, your establishment automatically becomes the default choice.
Are you surprised to see dental clinics mentioned here? After all, this isn’t the kind of business where you’re going to rely on generating business from a passing trade or being sociable! However, there is one major thing to consider when choosing the location for your dental office: fear.
When choosing a dental office’s location, you need to think about the state of mind your prospective patients are going to be in. Some will be absolutely fine and see a trip to the clinic as part and parcel of normal life; others will be legitimately terrified. It’s the latter patients you need to focus on when choosing your location.
If people are already going to be feeling nervous, then the last thing they need is to visit a clinic in a busy, bustling city center. Instead, choose a more remote, quiet location, preferably with its own parking lot so you can control the entire environment. Anxious patients will appreciate peace and quiet as they face their fears. Ultimately, the more peaceful your location, the more of those anxious patients you’ll be able to attract.
If you have always wanted to run an artisanal store, the trends are very much on your side. Over the past five years or so, we’ve all begun to embrace the off-beat, the unusual, the custom-made and the non-mass-produced. There’s definitely a market for what you want to sell, but there’s also a definite need to choose the location of your artisanal store very carefully indeed.
By their very nature, artisanal stores tend to feature far higher prices than standard stores. These prices are fair given the products, but may come as a surprise if you choose a location that is surrounded by non-artisanal stores and their lower prices. When choosing your location, it’s important to check the area; are the other stores costly, or budget? If they are budget, you’re going to be best looking for another site.
It’s also important to find a location where people are going to browse a lot, so look for an area where there’s a lot of antique stores or vintage clothes shops. Very few people will set out specifically to buy artisanal items, so you need to be situated in an area people will visit for the experience rather than just to grab items on a shopping list.
Location is always going to be a key factor in business, but for the business types above, it’s the factor— arguably the defining factor that will make the difference between a successful business and a failure. By being aware of the importance of location if you’re thinking of moving into these business spaces, you can be confident that you’ve taken care of a vital aspect— and your business should be able to flourish as a result.