You're interested in opening a second store. You know that your business model works because it has been working for years. But you don't want to count on that alone. With your second store, you know that it's important to find real estate at the perfect location.
But how do you do that? As much as people say things like "Location, location, location," they often do not tell you that the ideal location is different for every business. You need to find the right one for your company. A few key things to consider include:
- The total population in the city and what the population trends look like
- The overall size of the trading area within the city
- The zoning regulations in your preferred area
- The general geographic expansion in the city and what direction it's moving in
- The condition and appearance of other properties in the area
- The type of competition you face and how many competitors there are
- How aggressive that competition is and what type of quality it offers customers
- The retail potential in your line of work
- The type of traffic you get and the accessibility of the area
- Any growth in traffic and sales in that area
- The demographics near the potential storefront
- Customer attraction power
When looking at all of these details, keep your target audience in mind. Are they on foot, in cars or riding bikes? How old are they? Do they value quality or low prices? These are just a few things to think about. After you find the right property, make sure you understand what legal steps you'll need to take.