When it comes to selecting a location for a retail business, there’s a variety of criteria you should use, including:
- Is it convenient for your customer segment?
- Does it offer ample parking for all that might want to visit you?
- Does the location fit with your market identity?
- Is the location on your prospect’s way to and from work or on the way to someplace that makes it easy for them to visit?
- Is it easy to find?
- Does it offer good visibility, lighting, and display windows?
- Is it visible when prospects walk or drive by?
- Does the location offer enough marketing freedom (e.g., little or no restrictions on signs or other advertising)?
- Is it large enough for all your needs?
- Can you afford it without busting your budget?
Many entrepreneurs have become bankrupt because they invested too heavily in a location that fell flat. Often, the location failed because other aspects of marketing were not properly attended to.
If your location is hard to see from a major thoroughfare or difficult to find, include a map on all marketing materials as well as your webpage. It is also a good idea to mention any landmarks or major crossroads. Don’t forget to add the actual address so prospects can plug it into their GPS! Finally, always list your location on google.com/mybusiness so it will show up on the ubiquitous Google Maps.
How much planning do you put into analyzing your business’s location?
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