Location is one of the most important elements to achieving the American Dream of operating a successful business. Conrad Hilton, founder of the famous Hilton Hotel chain, was asked what made his business a success and he replied; “location, location, location”.
As an instructor, mentor and coach to thousands of aspiring business owners, I have seen companies that have the best products or services on the market but still fail. Many times, it’s because of poor and/or unsafe locations. Customers do not patronize these sites no matter how much they advertise. When you are looking for a business location you should consider whether or not the site is easily accessible, safe, has sufficient or free parking, plenty of lights, is zoned for your type of business operations and handicapped accessible. Another important factor is; are there plenty of customers passing by your store both day and night to generate enough interest in coming in to buy? Is your signage sufficient to be clearly seen?
When I was ready to open my first business, I signed a three-year lease at a reasonable monthly cost. It was priced lower than any other acceptable site that I had researched. The owner agreed to pay for all of the renovations and let us use the conference facilities at no cost.
This site was in a prime location and this helped my business to grow at a steady rate by generating above-average customers who push my profit margin “over the top”. Remember that low or high rent does not mean customers will come to your store because it’s all in the location, location, location.