Retail Startups – Importance of site/store location

It still rings true, location, location, location.

I was just reflecting on some of the issues involved in selecting a location for your retail business startup and came across an article I had written and filed away for posterity. I thought I should get it out of the drawer and share some of my thoughts on this issue with you.

Outside of being passionate about starting a business and selecting the right product / market for your business venture, I believe selecting the location for your retail store/shop is the next most important decision you will make when starting a new business.

This tip is one that is very close to my heart and one that is overlooked by a lot of first time entrepreneurs.

Choose the right Location for your Business. 

Once you have determined your business niche and you are committed to setting up a business, choosing your location is probably the most important decision you will make in determining the success of your business. Sometimes we make the mistake of thinking either our own skills or the quality of our product will ensure the success of our business no matter where it is located. We might even think that our customers loyalty is the key.

So often, when we are driven by costs, a cheap rental prospect is attractive to us. Do not be seduced by cheap rental. It will have consequences that will cost you extra time and money in the long term.

Cheap rentals can sometimes mean the shop is:

  • Tucked away up some dead end arcade with no traffic.
  • On a level of a mall that has little passing trade.
  • Located where there is no access to parking or pick up

I could go on, but I won't. I think you get the picture. Don't allow yourself to be seduced by cheap rentals and poor locations on the basis that you "think" it will work. While there may be some short term savings with cheaper rents, you must think long term when making this decision.

OK is just not good enough, the site must be the best available for your product and market. Easy to get to, visible, and good passing trade.

So, do not be seduced by the lure of cheap rental, it will cost you at the end of the day with added effort and prolonged and expensive marketing campaigns to get traffic to your door etc.

Be prepared and don't accept second best.

 

By Warren Meadley    

Article source: http://retailstartupinabox.com/retail-startups-importance-of-sitestore-location/ By: Warren Meadley

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About Warren Meadley

Warren is passionate about helping retail business startups with his knowledge and experience. Has over 400 commercial and retail shop designs to his credit.

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