Site Selection Essentials
"LOCATION LOCATION LOCATION"
The site selection process is the most important decision every business needs to make when deciding to enter the market. Always remember, Brick and mortar businesses can always restructure, add efficiency and modify its business structure but the location cannot ever be changed unless contractual revisions are made.
Of the many aspects that are needed to be looked at, I've hand selected these four as the most prominent, using the Acronym Vest.
The location has to be visible, if you are not seen, you will not attract a large amount of potential costumers, and your brand will not be getting the proper exposure it needs, There is a vast amount of items to be checked off for a property to be qualified as "properly exposed".
Entrances and Exits
Ever drive down the road and notice an excellent restaurant? You want to go to, but wait, how do you get in to the shopping center? "U-turn, then a sharp left?" and you continue to think, "I'll just wait for the next opportunity".
This underlines the importance of having easy access to your site, if your location is difficult to get to, your potential costumers will just continue driving to the next opportunity. Conversely, if your location is easy to get to, many more can, and will come.
Synergy is the mix and match in the entirety of the building, shopping center, mall, etc. You want to make sure to be in a place that has a good mix of businesses, attracting a diverse customer base. While expanding the potential of earning business from your neighbor’s clients, you will also add value to your chosen location and your neighboring businesses by bringing in major crowds, adding more potential transactions in your area.
You also want to make sure that there is a good balance of same type businesses in close proximity to each other, insuring competition will not become too intense.
It's important to be in a place where traffic is flowing. Foot traffic and vehicle traffic alike. You can have the great visibility and great synergy, but if no one sees you because there is no one there and no one drives by, you will be missing an enormous chunk of business the majority of the time.
You want to be in a place where there is constant traffic flowing in the direction targeted to the time you want most of your potential business to occur, meaning, if you are attracting, for instance, a dinner crowd, you want to make sure most of the traffic driving towards home, is driving on your side of the street.