Savvy entrepreneurs know that the struggle is real in the retail landscape. To make a sale, good products aren’t enough; sometimes, a good location makes the cut.
If you’re looking to start a new business, it’s easy to focus on prices first. Experts recommend not falling for the lure of lower rents. Proceeding without caution might result in a dead business sooner than later. Also, allowing high rent to scare you is not an option.
Instead of focusing on the price alone, it pays to mind the other factors.
How Much Space do Customers Need?
Downtown Lancaster, a local business district, recommends prioritizing the customers’ needs first. While searching for spaces for rent in Lancaster, Cavite, consider the target: what age range are you targeting? What do they do? Where do they work and live?
Your next retail space should be easy to spot, especially if you’re catering to impatient buyers. For example, new parents’ hands are full with baby carriages and kids. If this is your market, your space should accommodate their needs.
Look at the space from a customer’s point of view. By putting yourself in their shoes, you gain better insight.
The Right Amount of Exposure
Advertising is one of the most expensive ways to attract attention. But if you have a good location, there’s no need to spend more on referral programs, internal rewards, and outside marketing. The greatest retail spaces serve as the least expensive tools to better exposure.
But what happens when the “perfect” location is missing or you fall for low-cost rental options?
Fortunately, you can still turn everything around. Unique locations still serve as good positioning and marketing assets. Use it to your advantage with a little mix of marketing—make copies on how you found the location or give away entertaining maps.
Before you settle on a place, know about zoning ordinances, local laws, and nearby constructions that could affect business. Also, take note of rules that inhibit the store from putting up signage or holding special sales or events.
When it comes to retail locations, decide on where you want to pool your resources. Just be sure that whatever you choose, it will work best for your business.