Choosing where to locate a new storefront or office can be a challenge. Aside from looking through listing upon listing of real estate options, there are many other factors to consider. For instance, is there traffic in this neighborhood? Good parking options? How long is the commute from your residence? Are there restaurants nearby for lunchtime?
Aside from these very important questions, there are also some good business questions that should be analyzed to find the perfect location.
Building a new storefront can sometimes be a gamble, especially if building in a new area of town. Suburbs and cities are continuing to expand and grow, and with that, there are many opportunities to separate yourself from high traffic business centers. The hope is that the new area will grow up around you, enhancing traffic overtime. But, what if that doesn’t pan out? What if it takes five or more years to realize its potential? What if you build it, and the people never come? So many “what ifs,” I know…but these are definitely things to think about.
On the opposite end of the spectrum, buying into an older part of town can also be a gamble. If traffic is diverting toward a new epicenter, you may miss out on business altogether. How do you avoid such things? Analytics.
With knowledge, comes the power to make decisions. Analytics can show you so many great things to help you make this impossible choice a little easier. Here are some analytics to consider when looking for a new business location:
- Demographic analysis of the area (are your customers nearby?)
- Competitive analysis (is this a battleground?)
- Traffic patterns (do your customers drive or walk by?)
- Similar interests (are there other things nearby my customers would like?)
After considering these four items through analysis of your target market, you should be able to tell if a location has the potential to be a stellar success or if it will not be a good fit.
If you’re considering a new location and would like help with some pre-move analysis, contact the data experts at B2E.