Choosing a location for your store.
Your retail location can mean the life or death of your business. Many different factors need to be considered before you commit yourself to a location. If you are in a business-to-business market, mail order business or commercial operation--your location may not seek heavy foot traffic. However, if you are in a retail business, visibility, easy access and community presence are important. Consider the following things when choosing a location.
What sort of business do you have and what is your target market? Unless you have these basic questions answered you will not be able to make a solid decision about the appropriate location for generating revenue for the business.
Obtain location demographics. You can visit your local library, chamber of commerce or city hall to gather information about the neighborhood demographics such as population level, age and income. This information can also be obtained from the Census Bureau at www.census.gov.
Is your potential location and store compatible with other stores already in the area? Neighborhood businesses can help your store or hurt it. You have to understand what types of businesses generally cluster together and which are incompatible. For example auto dealers tend to cluster and generate traffic for one another. While on the other hand an upscale boutique may not fare well next to a discount store.
It is important that the building itself provides the conveniences you need including parking, lighting, delivery access and most importantly the lease. Make sure you find out how accessible the landlord or building manager will be for repairs, concerns and routine maintenance. Their responsibilities should be reflected in the lease. Be sure that your attorney carefully reviews and comments on the lease agreement before you sign this legally binding document. The lease should spell out everything for you.
If you have any questions regarding leases or want to discuss the perfect location for your business, contact SCORE.
Service Corps of Retired Executives, or SCORE, was formed in 1964 as a nonprofit association dedicated to entrepreneur education and the formation growth and success of small businesses. Contact the Savannah chapter at 912-652-4335. For information go to www.scoresav.org