Important Factors When Selecting a Great Location
Important Factors When Selecting a Great Location
Ms. Natausha Jones
Everest College, Online
Small Business Management
March 12, 2012
Briefly describe the five key factors in selecting a good location for a “brick-and-mortar” retail store. Which of these factors do you believe is most important? Why
Surrounding businesses target audiences are they complementary (will people who shop there is likely to visit your store)? Are there other outlets where consumers can stop without driving somewhere else and having to go through the hassle of parking again? It makes shopping that much more convenient and any time you can save your customers time, youre ahead of the competition.
The population density and average income of the entire area where the location will be built plays a hug factor in finding a location. Are you selling something that you expect people can afford and are willing to buy? How do you make the consumer want to purchase from you?
Having suitable parking, ease of entrance/exit to and from the store is truly an asset in starting a new business. People are a lot less likely to stop at a place that is hard to get to, doesnt have adequate parking, or they have to wait through multiple stop lights just to get in and out of.
Taking in account the number of people who will see the store is vital to your upcoming adventure. Is it near busy streets and highways where a lot of people will drive by? Is there foot traffic? Profitability & growth potential
do you have adequate storage and room to unload supplies? How far are you from your primary vendors and