How to make your business location work for you
Small business owners know that a lot goes into building a brand and making it successful. That’s why they go the extra mile to make sure that every part of their business is top-notch—from their products/services to their customer relationship. But here’s what many of them don’t know: the location of their business is a really important factor, and they can make it work to their advantage. In this article, we discuss the factors to consider when choosing a location and how to make the most of the location you have chosen. Whether you’re just starting a brand or you’ve been in the market for some time, these tips will prove to be important to your business going forward.
Factors to consider when choosing a location
Mistakes in choosing a location are some of the hardest to correct, even till today. No matter how excellent your products and services are, your business won’t grow if you’re not located where you can get paying customers. Even if you run an e-commerce store, it’s important to consider how best you can deliver products to your customers. Think about these factors when choosing a location for your small business.
Demographics
Imagine how inappropriate it would be to open a toy store in an area populated with old people, or to sell luxury wristwatches in a community with low-income earners, or to run your restaurant in a town where people won’t buy your food for cultural reasons. When choosing a location for your business, consider the class of people who live in the community. Try to find out their lifestyle, regulations (if any), and preferences. Most importantly, think about whether they are potential customers for your products/services.
Accessibility.
Your business should be easily accessible to your customers, your suppliers, your employees, and even those who own it. If you run a store, think about whether cars can easily enter and leave the parking lot and avoid traffic on their way out. If you work in a rented office space, think about the possibility of working during the weekends if you need to. If you have a really large store in mind, you may also need to consider how accessible it is for disabled persons.
Competition.
It’s important to think about whether or not you wish to be located close to a competitor, and while this is risky, it can work in your favor if your marketing is done right. If the customers in the location love ‘comparison shopping’—that is, comparing similar products and choosing their favorites, this would be a good opportunity to grab the market share. But if customers are unwilling to try out a new product (and this is quite common), you might want to change your mind.
Expenses and utilities.
It goes without saying that some locations are more expensive to own a business in than others, and so you should look at your budget and consider your business potential. Your business won’t move forward if you’re spending all your revenue on rent, electricity, transportation, or parking. Do some research on utility costs and find out if the location is a good fit for you. Analyze your expenses to determine how to reduce it
How to make the most of your location
Photo by Shirota Yuri on Unsplash
In most cases, the location you have chosen for your business won’t be the absolute best, especially because of one of the factors considered above. For example, you may have found a location that is highly accessible and has a lot of potential customers, but this location would be too expensive to run a business in. Don’t be afraid. With the following tips, you can make the best of any location you’ve settled in.
Unique product/service offering.
One highly effective way to start attracting customers to your business immediately is to bring in a new product or service to that location, or to offer an existing product/service in a new way. If you run a restaurant, for instance, you can introduce a new recipe which you must be sure they would eat, or you can make your menu more flexible. The goal is to give your new customers a delightful experience and build loyalty. Sooner or later, yours will become the new business in town that is on everyone’s lips.
Customer attention.
Paying customers are the most important requirement for every brand to grow, and so you should treat every customer like your whole business depends on them–because it really does. Vencru lets you personalize your customer service by storing their details, keeping updated records of their activity with your business, and even showing them how they have related with you. Make this all-important investment today if you want to keep customers coming back with even more customers.
Community events.
Whether you’re new in a location or not, participating in the life of the community will definitely bring more paying customers to your doorstep. Look out for music festivals, trade fairs, food fairs, or cultural expos where you can promote your business and sell your products/services. One thing you should be looking to achieve with such events is to leave an impression on potential customers so they remember you afterwards. So, besides letting them test your products/services, you can also give souvenirs or cards and collect contacts to keep in touch.
Social media.
Social media proves to be a really powerful tool when it comes to location. With Facebook and Instagram, you can run paid advertisements that target people in your location and inform them of your business offering. Also, Facebook’s ‘Check-In’ feature lets customers check in when they visit your shop, and you can build popularity with this. You could even offer discounts to customers who use the check-in feature or leave ratings and recommendations on your business. All these help to bring more customers, more recommendations, and more success.
The closer your business is to customers, and the more you can get them to interact with your brand, the higher your market share. Let the tips above guide you in choosing a good location for your business and making the most out of it, so your brand keeps growing and you keep making money.
