When you are getting ready to open your new business finding the right location is your first major decision, and one that you need to get right. You probably have heard the saying location, location, location, that may be even more true when finding a location for your new business. We are going to focus on retail and service businesses and three things you need to do to find your ideal location
1) Define What Your Looking For Before You Drive Around - What are your key ingredients? What are your must haves? These most likely will include things like visibility, foot traffic, Drive-by, parking. But what about synergistic businesses, are they close by? Another factor may be things like Density and easy in and out. So before you go out looking clearly define what your looking for, or more importantly what your customers are looking for.
2) Our There Enough Customers In Your Market - You know I am amazed at how many people buy a business and haven't counted the number of potential customers in there area. Use the demographic research available and get a good idea and how many potential customers there are for you to be successful.
3) Growing vs Graying Areas - What is the age demographics of your customers and where are they congregating? In real estate terms this is called growing vs graying areas. You know a funny thing happens in most markets. Young people like to hang out with young people, older people like to hang out with there age group, ever heard of a young couple moving into a retirement community?! Find out where your age demographics are congregating, and focus your search there.
At Shear Madness Haircuts for Kids we do lots of that demographic research for you BEFORE we come for site selection. Because finding the right location is the first step on your road to building a successful business. If you would like to explore our opportunity then just fill in the link below and someone from our executive team will give you a call to discuss your next steps!