In almost every discussion about the new location, you'll hear talk about the cost per square foot, the lease length, and cost to remodel. These are considerations, to be sure. But they are all missing the one big point that needs to be addressed; Does this new small business location attract the people who buy from you?
If you have a location now, you already know the demographics of your ideal customer. Ask yourself; Does most of your profit come from teenagers, middle aged adults, or the aged? Men or women? Married or single? What income do most of them have? What kind of music to they like? What do the watch on TV? White collar or blue collar?
If you don't have a store right now, and are thinking of opening one, visit a store selling what you would like to sell. Walk around. What kind of people shop there, and buy? ( "Buy" is the important word here) There may be several close stores around your new proposed destination. It may take a whole day. A day well invested.
If you are thinking about moving to a different location, what is going to be around your new store? What kind of businesses are there? Do these businesses attract the type of people that buy from you now? Please don't think that you will change the group of people who make up your customer base. If your customers are mostly high brow older people, a biker bar right next to the new location will kill your business (at least you'll have a place to drown your sorrows).
Do you sell something that is heavy, or hard to carry? Do you want parking spaces that are 500 feet from your door? Maybe not.
Are most of the customers kids? Do kids make up the bulk of your customers?
Are the activities in the close area surrounding the new location attracting your best customer?
Are most of your customers middle aged? Is there a movie theater next to your store? Do middle aged people make up the bulk of an audience that goes to movie theaters?
Would your new store be very easy to see from the road, or do you have to drive into a mall or complex to even see the store? How much of your business is from people just driving by?
Is most of your business from "browsers"? Is your small business a destination business, like one selling plumbing or electrical supplies?
Your location is Marketing. Your signage is Marketing, Your visibility from the road is Marketing. And the most important question you can ask is "Does this location make it easier for my best customers to find me, or do they find me because of who is next to me?"
If the new small business location attracts the wrong demographic of customer (wrong for your business) than the cost per square foot is immaterial, because you will be attracting non-buyers to your location.. If this new location is surrounded by stores and shops that cater to your idea customer, the cost per square foot is almost immaterial too, because your customer will be attracted to your new location.
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