When you set up a business that has a physical location, the placement of it is essential for bringing in money. Though you may be limited financially initially, putting in a little more cash for a central location will bring in higher profits.
Location Still Matters
Even in an age where you can do anything online, it is still important for a business to have a brick and mortar shop, especially if the work involves customer service. With the popularity of voice search on mobile phones, location and making sure your location is clear online is extremely important. If a family is out for a fun Sunday and they want a unique drink stop nearby, your cafe with the best hand-squeezed lemon- and limeades in town won’t show up if you don’t have your location registered on Google or Bing. Likewise, if you choose the wrong location for a hip little cafe, such as by the highway or out of the way of shopping and other activities, you’re not going to get the customers you want or need.
Targeting Your Business Community
A few essential questions to ask yourself before choosing a business location are:
- Population: Is there enough traffic near the location to support your business?
- Is there a need for your business in that area and economy?
- Do you have the right demographics?
Advertising Costs Could Be Lower
Having a location that is visible from major roads and intersections or is on a very busy walking area is an incredibly valuable advantage for a business. During high traffic hours you will get maximum exposure at no additional cost to you. A quality sign that is clearly visible and an investment in a little bit of neon on your sign, you can easily get the same results as an expensive billboard ad. This will help define your small business brand and you will get the exposure in front of your target market–multitasking is the best, isn’t it? Prime real estate is more expensive, but in the grand scheme it is worth it.