When opening a new shop location, you need to be aware of the different considerations that will have an impact on your business success.
You may have an amazing product, sell beautiful clothes or have had success in another location, however, this doesn’t necessarily mean that you will have instant success in your new retail location if you aren’t prepared.
Here are 10 helpful things to consider when choosing a retail location
Your Customers – Do you know your target market? Do you know their age, gender, characteristics, where they hang out, what they like to do? By considering your customers wants and needs, you can determine where your business would be most successful.
The Area Demographic – Relating to tip 1, when choosing a retail location, you should find out the area demographics, and get to know the shop surroundings to see if it is a fit for your business.
The Shop Visibility – Is the shop on a main road, or is it tucked away in a corner, is there a tree blocking your customers’ view, and what are the neighbours like? The visibility and location of your shop will have a direct impact on the foot traffic, as well as the marketing efforts required to promote your business.
Your Competitors – First you will need to do some research on who your competitors are so that you can determine whether they are in close proximity to your potential business space. It can be a positive, if you are in a retail center, where you can benefit from overflow traffic from existing businesses.
Parking and Accessibility – This point is self explanatory, are there enough parking spaces for the traffic your business is likely to bring in? Is it easy for your customers to access your business?
Location and Businesses – Is the potential space close to other businesses and services? What industry are they? Could you benefit from overflow traffic from these surrounding businesses?
The Site History – What shop was there before you? For example, if there have been multiple restaurants in a location that have failed, why is that? Finding out a brief history of the location will help to know what this address may say about your business.
The Shop Layout – Do you have a vision for your shop layout? By considering your layout first, it will help you to visualise if a location will suit your needs, and help you understand how it fits with your plans.
Utilities – Find out what utilities you are responsible for and the cost of these to ensure you can work these figures into your budget.
Building Infrastructure – Is the location a new or old build? Find out whether the building will support your needs. If the building is an old structure, it may not suit a high-tech operation.
We could continue on and on with helpful tips to get your started on your journey to Setting Up Shop in Brisbane. However, by simply starting here you will be one step ahead of the competition. Need assistance? Call Today 0424 113 116