You’ve got a great idea. You’ve got a great business plan. Now, all you need is a great location to see it all come to fruition.
The Small Business Administration cites that more than 30.7 million small businesses open each year. You may think online sales are king, but for restaurants and retail, brick and mortar stores are vital for success.
Some retail companies closed stores this year in what’s been coined a “retail apocalypse.” Yet, for every company that closed a store, 5.2 companies opened new locations.
Today’s customers have more options at their fingertips, but the right location still brings home sales.
How can your customers help you find a location?
First, you’ll need to identify your target market. Learn how to find a location that speaks to your customers.
Defining Your Target Market
Who will buy your product or service? You can’t sell to everyone. You’ll see better results when you define your customers and cater to them.
How can you narrow your target market?
Ask yourself the following questions:
- What is the value of my product or service? What makes your product stand out? Your product may be easy to store or convey status. Determining the unique qualities of your product will help you distinguish potential customers.
- Who will use my product? Think about the person likely to buy your product. What’s that person’s age, income level, and lifestyle? Will your product be catered to young moms? Active seniors ages 65 and up? You can use demographic data to create customer personas.
- Who are my current customers? You may have a customer base if your business is already established. Does your ideal customer’s demographics match that of your real customers? Building off of your current customers will help you continue to see success.
- Who are my competitors targeting? It’s time to check out the competition if you haven’t already. Your competition’s customers can help you decide who to target. You’ll learn more about the people interested in your type of product.
Finding Your Commercial Real Estate Location
Once you know who your customers are, you can find out where your customers are.
Data from your target market will let you see what places your customers frequent and how far they are willing to travel for your product. A commercial real estate broker can help you compare locations based on your customers.
Other factors may draw or deter your clientele. You’ll want to keep the customer’s perspective in mind as you browse real estate.
Why Are People Coming to the Area?
The stores around you can affect customer traffic. Nearby businesses may bring you more customers or discourage people from coming to your door. Complementary shops and restaurants will benefit your business. Stores that don’t fit the interests of your target market may hurt your traffic.
Is the Location Accessible?
Everyone appreciates convenience. You’ll want to take driveways, access points, and parking into account. Customers may be less likely to visit your business if they have difficulty reaching it or finding a place to park.
The side of the street a business is on can make a difference in customer traffic, too. People are more likely to shop on their way home from work rather than their way to work. You may want a location that your customers run across on their route home.
What’s the Local Economy?
Should you open a location in the area? How are other businesses fairing? The local economy is often the deciding factor when choosing to open or expand in an area.
Signs that the local economy is healthy include:
- New businesses
- High employment
- Successful schools
- Clean properties
- Increased sales tax collections
Trends that may mean the local economy is unhealthy include:
- Decline in sales
- Graduates leave to find jobs
- Residents can’t find work
- Numerous properties are for sale
Discover Branson, MO
Are you ready to join a vibrant, thriving business community? Look no further than Branson, MO!
Contact Commercial One Brokers today to learn more about properties in Branson. We can help you identify your target market and find commercial real estate that suits your needs.
