So you’ve got a winning business model and can’t wait to get started making truckloads of cash. Where will you be earning said truckloads? Much of the time, entrepreneurs looking to start a small business get caught up on the “what”, “when”, and “how” of a business, but forget that the most important question is “where.” No matter how cool your widget is, you’ll never sell anything if nobody comes through the doors.
The Demographic Traffic
First, decide what demographic you most want to reach. Then do some research to find where the highest concentration of that demographic tends to be. There are a number of tools that can provide demographic and competitor data for any given area. Look for spots that will reach as many people in your target demographic as possible.
The next step in choosing a good location is to measure the street and foot traffic. There are services available that can help you to determine how much traffic a certain spot will likely get. The best locations get a good balance of street and foot traffic. You will want to find a place that is easily spotted from the commonly used roads and highways, but is also likely to get some attention from people who may be walking around the area.
Important Questions to Ask About Your Small Business’s Location
Here are some important questions you can ask of any property to help determine whether or not it would suit your business well.
- Is the property convenient in relation to where you live?
- How conveniently located is the property in relation to where your target demographic lives?
- Does the property need more work than you are willing or able to do?
- How are the existing utilities?
- Is the neighboring area well-suited to your type of business?
- Are there any businesses close by that will help attract customers to the area?
- If you use outside suppliers, how easily can the get to you?
- Is there any public transportation nearby?
- Will the property fit your ideal layout?
- How safe is the neighborhood?
Even after you think you’ve found your dream location, it is important to consult a real estate attorney. A lawyer can assist you in negotiating the most favorable leasing terms, evaluating a property’s true value, and analyzing demographics. A good lawyer can make sure that everything goes your way.
Garland & Mason, L.L.C. – New Jersey business lawyers