Do Your Homework To Find The Best Location For Your Business
Do Your Homework To Find The Best Location For Your Business
This week we discuss how to find the best location for your business. This isn’t a difficult process, but will require some homework on your part. You can use a commercial realtor to help you scout for locations, but the real research you must do yourself.
When I was scouting locations for my brick and mortar store I took the time to drive around town to familiarize myself with every foot of vacant retail space available.
I spent a lot of time sitting in parking lots. You can learn a lot just watching cars go by at different times of the day. For example a location may be great in the morning, but lousy in the afternoon. Or maybe the parking lot is full at lunch, but empty the rest of the day.
You should also consider which side of the road works best for you. For example a drive thru coffee shop has a much better chance of success if it’s located on the side of the road with the morning rush hour traffic, while a takeout joint has a better chance of success if it’s located on the side of the road with the going home traffic.
Here’s how I found the best location for my store in my hometown of Madison, Alabama. The city of Madison is sandwiched between Highway 72 on the north and Madison Boulevard on the south. Both stretches of road contain fast food restaurants, strip shopping centers, and lots of vacant retail space.
I was opening a specialty retail store, so foot and automobile traffic would be essential to success. On the Madison Boulevard side of town the predominant strip was a Wal-Mart center, but I knew that locating near a Wal-Mart was no guarantee of success. To the contrary, Wal-Mart is notorious for killing smaller neighbors, so to survive in a Wal-Mart strip you have to be a niche business in a market that Wal-Mart doesn’t already own. My products were firearms and self defense items, which research told me that Wal-Mart was phasing out at most stores, so locating next to Wal-Mart could be a good move.
However, there was a lot of empty space in the Wal-Mart center, which told me that either those retailers tried to, but ultimately failed to compete with Wal-Mart on its own turf or there wasn’t enough traffic for them to survive.
I spent some time in the Wal-Mart parking lot at different times of the day and found that - in my humble opinion - there was barely enough business to keep the Wal-Mart open, much less smaller retailers.
The problem is that the south side of Madison is not a high growth residential area, which is needed to sustain a rural retail location. Madison Boulevard is busy during the lunch hour thanks to nearby industries, but because there is a major interstate running parallel Madison Boulevard is not heavily trafficked at other times of the day, hence the abundance of vacant retail space and my decision to look at the north side of town.
Highway 72 bounds the north side of Madison and is heavily trafficked most of the day because it connects the city of Huntsville to the east and Athens to the west.
The north side of Madison also boasts a number of affluent residential developments. Most of the residents living in those neighborhoods drive daily along Highway 72 to and from work, making it one of the most heavily trafficked highways in North Alabama - at least that’s the way it appears when you’re stuck in traffic there.
There was vacant space on the north side of the highway in a Publix Shopping Center and two other strips anchored by smaller grocery stores. The Publix Center appealed to me because it was also home to a Books-A-Million, a Staples, an ice cream shop, several restaurants, and a number of other niche stores, guaranteeing traffic throughout the day.
Across from the Publix Center were a number of vacant buildings that would have worked well except for the fact that they had small parking lots and no opportunity for foot traffic.
After doing my requisite site research it didn’t take long for me to realize that even though the space in the Publix Center was smaller, yet more expensive than all other space along the way, it attracted more organic traffic than the other locations. I knew the amount of traffic my store would get from patrons going to other stores in the strip would be well worth the extra cost.
That logic proved true. I expect there are very few gun shops in retail strip malls, but the location has proven to be a winner for us. We have men coming in while their wives are grocery shopping at Publix and couples coming in after they dine at the restaurants in the strip. We even have women stopping in after getting their nails done. Go figure.
Now that you know how I chose the location for my store, next week we’ll talk more about the other things you should consider before choosing a location for yours.
Do Your Homework To Find The Best Location For Your Business - To learn more about this author, visit Tim Knox's Website.
Like this article? Share it with your friends
This week our discussion on starting a brick and mortar business continues. We’ve already talked about creating a Startup Plan to manage the process and conducting market research to gauge the viability of your idea. If you missed those entries visit TimKnox.com and click the "Columns" tab.
This week we discuss how to find the best location for your business. This isn’t a difficult process, but will require some homework on your part. You can use a commercial realtor to help you scout for locations, but the real research you must do yourself.
When I was scouting locations for my brick and mortar store I took the time to drive around town to familiarize myself with every foot of vacant retail space available.
I spent a lot of time sitting in parking lots. You can learn a lot just watching cars go by at different times of the day. For example a location may be great in the morning, but lousy in the afternoon. Or maybe the parking lot is full at lunch, but empty the rest of the day.
You should also consider which side of the road works best for you. For example a drive thru coffee shop has a much better chance of success if it’s located on the side of the road with the morning rush hour traffic, while a takeout joint has a better chance of success if it’s located on the side of the road with the going home traffic.
Here’s how I found the best location for my store in my hometown of Madison, Alabama. The city of Madison is sandwiched between Highway 72 on the north and Madison Boulevard on the south. Both stretches of road contain fast food restaurants, strip shopping centers, and lots of vacant retail space.
I was opening a specialty retail store, so foot and automobile traffic would be essential to success. On the Madison Boulevard side of town the predominant strip was a Wal-Mart center, but I knew that locating near a Wal-Mart was no guarantee of success. To the contrary, Wal-Mart is notorious for killing smaller neighbors, so to survive in a Wal-Mart strip you have to be a niche business in a market that Wal-Mart doesn’t already own. My products were firearms and self defense items, which research told me that Wal-Mart was phasing out at most stores, so locating next to Wal-Mart could be a good move.
However, there was a lot of empty space in the Wal-Mart center, which told me that either those retailers tried to, but ultimately failed to compete with Wal-Mart on its own turf or there wasn’t enough traffic for them to survive.
I spent some time in the Wal-Mart parking lot at different times of the day and found that - in my humble opinion - there was barely enough business to keep the Wal-Mart open, much less smaller retailers.
The problem is that the south side of Madison is not a high growth residential area, which is needed to sustain a rural retail location. Madison Boulevard is busy during the lunch hour thanks to nearby industries, but because there is a major interstate running parallel Madison Boulevard is not heavily trafficked at other times of the day, hence the abundance of vacant retail space and my decision to look at the north side of town.
Highway 72 bounds the north side of Madison and is heavily trafficked most of the day because it connects the city of Huntsville to the east and Athens to the west.
The north side of Madison also boasts a number of affluent residential developments. Most of the residents living in those neighborhoods drive daily along Highway 72 to and from work, making it one of the most heavily trafficked highways in North Alabama - at least that’s the way it appears when you’re stuck in traffic there.
There was vacant space on the north side of the highway in a Publix Shopping Center and two other strips anchored by smaller grocery stores. The Publix Center appealed to me because it was also home to a Books-A-Million, a Staples, an ice cream shop, several restaurants, and a number of other niche stores, guaranteeing traffic throughout the day.
Across from the Publix Center were a number of vacant buildings that would have worked well except for the fact that they had small parking lots and no opportunity for foot traffic.
After doing my requisite site research it didn’t take long for me to realize that even though the space in the Publix Center was smaller, yet more expensive than all other space along the way, it attracted more organic traffic than the other locations. I knew the amount of traffic my store would get from patrons going to other stores in the strip would be well worth the extra cost.
That logic proved true. I expect there are very few gun shops in retail strip malls, but the location has proven to be a winner for us. We have men coming in while their wives are grocery shopping at Publix and couples coming in after they dine at the restaurants in the strip. We even have women stopping in after getting their nails done. Go figure.
Now that you know how I chose the location for my store, next week we’ll talk more about the other things you should consider before choosing a location for yours.
Do Your Homework To Find The Best Location For Your Business - To learn more about this author, visit Tim Knox's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Tim's articles
 | |
|
|  |
 |
|
|
 | |||||||
|
 | ||
 |
||
 |
||
|
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Warning Signs Checklist Campaigns to Customers DCJA Consultancy Case Study Referral Strategies Networking Difference In A Decade |
|
 | ||
 |
The Top 10 ProBlogger Posts
Best Posts for Bloggers | |
 |
Top 50 Diversion Blogs
Top Diversion Blogs of 2009 | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||
|
| ||||||||||
|
|
||||||||||