Location of your retail business matters.
Rent is often one of the biggest expenditures for a business, and it can be a huge challenge to find the right location for your needs.
There are some important considerations when planning your business location, for example:
The reputation of the neighbourhood
When we think of Shoreditch (in London), we think of high-end hipsters and cool retail shops. When we think of Kensington & Chelsea, we think of new money, glam and luxury.
When we think of West End (Soho, Oxford Street), we think of mass-market and tourists.
Pick the neighborhood according to what you sell and who your target audience is.
Importance of the footfall
Now that you’ve decided on the area, you need to think of how visible and accessible your shop is. In other words – you need to think about the footfall (aka the number of people entering a shop or shopping mall.
Here are a few things you can do to increase your footfall:
1. Make your local shopfront stand out
2. Partner with local businesses
3. Move into the main street
4. Consider your offering
5. Boost your marketing
6. Encourage customer reviews
You also have to think about parking, proximity to public transport links (these factors will also be important to your employees).
Rent and bills
Rent and bills are a big consideration. Have a budget in mind before you begin your big move.
Plus, there are also moving and furnishing costs.
To save on bills, you may also consider disconnecting from old utilities and opening up a new account. It’s always worth looking into business gas comparison options to see if you could actually save money in the process.
We hope these 3 essential factors above (neighbourhood, footfall, and rent) will serve as a good starting point in your research.