The success of a business should be the dominating focus of an entrepreneur, manager, and leader.
The mindset and lifestyle of your client and customer base should be heavily considered before selecting your next brick and mortar location. Look beyond what is seen superficially, such as a turnkey storefront, a high traffic location, and the dollar value assigned to a plot of land.
The right blend of environment, accessibility, climate, amenities, etc. are physical elements to be considered when creating an atmosphere that is attractive, desirable, and has features that will entice repeat business. The surrounding area must be reflective of the experience that you are creating.
Selecting a space that will best serve you in serving your clientele is one of the most important factors that will be based upon the type of business that you will operate and the preferences of your client or customer base. Understand where the people need, want, and desire what you have to offer and go there. Commercial real estate transactions should never be based upon emotions but on research and facts.
For these reasons, before deciding where your physical brick and mortar location will be cemented, your business' planning phase must be completed and finalized first. A clear concept with a comprehensive written plan will include details and descriptions about the menu of products, services, and amenities that will be available.
With proper planning and strategizing, a cohesive experience could be designed. Confusion in a business' identity is experienced when who you say you are, how you physically show up, and how you present yourself is not in agreement with one another. During real estate and personal transactions, I have personally experienced where the community is, the type of location, the interior design, and the menu of products and services were not complementary. As a result, I never returned.
Each element must be a reflection and a continuation of what your customers enjoy and are accustomed to in a setting that is congruent with their expectations.
In your decision-making, consider how the overall climate, seasonal weather, terrain, and traffic affect your business' accessibility. Seasonal businesses thrive during certain seasons of the year and depend on weather-related changes and conditions to the surrounding environment for their success, especially during prime holidays. Its purpose and use determine an outdoor venue in comparison to an indoor location. As an entrepreneur, another thought is how to utilize this space during the offseason, when you are not in business, but you still have the potential to generate an income.
Think of a plaza, indoor shopping mall, outdoor market, drive-thru, walk-up service only, or standalone location with outdoor dining and an immaculate edible landscape.
As a part of the property selection process, transform your mindset into that of your customer. As you prepare to journey to this address, consider what you might be thinking about on the way there, what all you will experience en route, and what you have to do in preparation to get there. Upon arrival, rate your visibility and how easy it is to enter the premises by pedestrians, by public or private transportation, or by foot traffic.
As they drive up to your establishment, having a great curb appeal might be important. Consider what they should see and how they should feel before entering and immediately upon entering.
Parking options contribute to the decision of whether to make the trek or not. With an understanding of their parking preferences, you could further grade your location based upon what you can offer, such as designated or assigned parking. Also check if there is open parking, street parking, metered, pay by phone, free limited time, a parking garage that is free or paid, spacious parking spaces or tiny slots that could be difficult for them to fit their vehicle in with the risk of damage by other vehicles that would be parked directly next to them. Would you offer curbside service, valet service, a combination of these or free services, too? A great majority of people will leave and never return if it is difficult to access you for your products and services, including if they risk being ticketed or have to pay for a short trip. Just like it does not make sense to put a farming supply store in a metropolitan area, don't put your business somewhere where it can't or won't be appreciated or thrive.
A strategic approach and a mutually beneficial relationship with neighboring businesses could be establishing yourself in a location with complementary businesses that will contribute to your success. Survey the prospective area for possible relevant establishments.
For a culinary-focused business, it will depend on your concept and menu of what you would consider complementary. A restaurant could thrive in an area with retail shopping outlets, a densely populated office building, and a residential community with disposable income. A dessert-only setup or bar complements your business if you don't offer these selections on your menu. Entertainment and sporting venues such as indoor skydiving, a concert hall, cultural events, and a performing arts center are also complementary if they don't sell food and beverages.
Competing has never been a part of my personality because I consider it to be counterproductive. When working with clients, I redirect their focus from what possible competitors are doing and instead invest their time and resources into minding their own business literally and figuratively.
Your business is what you have complete control over, and you are the only one that will benefit or suffer from your decisions. Studying your industry is wise; being consumed with neighboring businesses can be stressful.
Study your industry and evolve accordingly. If necessary, be a trendsetter. The decision for your next location should be where your customers are or where they think you should be.