Wednesday, April 30, 2014

Things to Consider When Determining a New Location For Your Business

Many of us can think of at least two examples where location has been the downfall of a business. Take the Charlotte Knights for example. A recent report stated that the Knights have already sold 100,000 tickets 11 games into this season, but it took them 29 games last year, when they were still in Fort Mill, SC, to reach 100,000 ticket sales.

When choosing a location it is important to think about the potential increase in revenues and expenses, but there are several things that will impact the bottom line. A few ideas to consider when determining the proper location are listed below: 

The following list gives entrepreneur's a few things to consider when determining location:

  • Operations and Equipment: Does the potential location offer enough space for operations and equipment?
  • Customer Convenience: Is the location easily accessible? Do customers feel safe at the location?
  • Parking: Is there ample parking? (For customers & employees!)
  • Service and Sales: How will your sales be impacted by the new location? Will walk-in traffic be generated easily?
  • Inventory: Will you be able to store/display as much inventory as you will need to make a profit?
  • Study: Consider completing a market survey to help narrow down the best locations.

Summarized from:

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