Considerations for entrepreneurs when choosing a location

When choosing a location for your business there are multiple factors you need to take into consideration.  We talked previously about how important the location will be when moving from a home salon to the high street for growing your business. You need to consider things like the footfall, competition and parking. Most importantly is the building it fit for purpose and being aware of lead time, especially in larger cities like London.

business location

Footfall : 

Footfall of the local area will pay a huge role in the development of your retail business. A business will be unable to thrive if it is tucked away in a corner or off the beaten track.  Considering monitoring the footfall and traffic in your chosen location for a few days over various times.

Competition : 

What other businesses surround your potential premises? Do they compliment your business or are they outright competition? These considerations will play a major role in whether your premises are right, you don’t want to have to work doubly hard with your marketing. Will your business benefit from nearby businesses? Are their customers potential traffic to your business? Think Beauty Salon situated next to a hairdresser and fashion retailer.  Are you seeking the same clientele, no good popping yourself next to Poundland if you are at the more high end of the spectrum.

Parking : 

You need to consider parking for a variety of people. How accessible is parking facilities for both customers, employees and suppliers? Is their access for disabled customers?  Various suppliers will need varying degrees of access to the site as well. Small couriers need to be in and out, whereas larger vans will need somewhere to dock, so if you need daily supplies in large quantities yellow double lines outside your premises aren’t going to work!

Photo Credit | www.ianH.co.uk

Fit for purpose :

You need to consider also if the property is fit for purpose, for example will the council allow a change of usage? Does the building have the necessary infrastructure to support your businesses needs? Consider discussing your needs and requirements with a structural engineer.

It this is where a temporary structure or pop up might be useful to bridge the gap between building works or renovation. A temporary structure provides a flexible time frame and flexible dimensions and design meaning fully tailored to the requirements of your small business.

 

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