Strategic Site Selection- Best Practices for Consumer Businesses

Running a consumer business is no mean feat. You’ve got to think beyond top-notch products and services. Choosing the right site for your business can make or break your success. Statistics suggest that good location decisions can significantly boost long-term performance of a business, while poor ones may cost millions in lost productivity, talent, and capital.

You can imagine the importance of site selection when launching a consumer business, right? You won’t get customers coming in unless you are located at the right place. But entrepreneurs often go wrong with the choice because they don’t know where to start and what to look for. But don’t stress, we got your back!

We’ve rounded up the top site selection tips that consumer companies can rely on to find the perfect spot. So if you’re ready to take your organization to the next level, keep on reading for our expert tips on strategic location choice. Let’s get started, boss!

Consider the demographics

When you look for a perfect site to set up your consumer business, the demographics of the area should be the first thing in your mind. Count your numbers to get a good start. Who’s your target audience? Are they primarily families, young professionals, or retirees? Where do they live? Are they close enough to the potential location?

After all, you’ll want to ensure there are enough potential customers around to sustain your business in the long run. Don’t forget to check the competition in the same area and their customer base. Are they targeting the same demographic? It means you will have to put in more effort to beat them. It’s better to look at a different site to avoid direct competition.

Think about the foot traffic

Foot traffic is another critical element of site selection for consumer-focused businesses. Running in a high-traffic area definitely makes more sense. Lots of people walking by means you have a good chance of getting more customers to drop in. It translates into more brand exposure and potential sales.

You should also consider the time of day when it comes to assessing the traffic potential. Is foot traffic heavy during your working hours? If not, you may try adjusting your hours. Even better, find a new location to future-proof your revenues.

Check the financial aspect

What’s your top priority as a business owner? Money, of course! You’ve got to find ways to maximize your revenues and minimize operational costs. Remember boss, every dollar counts, whether you earn it or save it. So it is absolutely essential to check the financial aspect of site selection before sealing the deal.

Analyze the costs of the location, such as rent, utilities, maintenance, and any other expenses you may incur upfront and down the line. You can negotiate lease terms to ensure the best deal possible. Conversely, look for the best real estate price if planning to invest in the property for the long haul.

Ensure accessibility

Accessibility translates into convenience for customers. Of course, they will always prefer business locations that are easy to reach. So you should make it as easy as possible for them to get to your location, right? Selecting the right site can make a lot of difference in this context.

Besides ensuring the area is easy to reach, consumers should get ample parking. Nobody has the time and patience to circle around looking for parking. The availability of public transportation is a plus. It’s far cheaper and more convenient than driving down to shopping.

Stay ahead of zoning requirements

This one can be a bit tricky, but a little awareness and research can help you pick the right one. Zoning governs how different areas can be developed and what purposes they can serve. A specific site may have massive development potential, but an unsuitable zone may make it redundant for your business.

Check that the area is zoned for your type of business. Digging deep into the possibilities and limitations of a site’s zone can help you determine its feasibility during the decision-making process. Moreover, you need not worry about investing in a location only to find out later that it’s not zoned for your business

Prioritize environmental due diligence

Do you realize the significance of reducing the carbon footprint of your business? Of course, you should because buyers are keener to buy from green brands. Moreover, you can stay ahead of environmental penalties and legal hassles by staying ahead of the regulations. Making due diligence a part of the Site Selection process is the key.

It should begin once you shortlist some potential locations for your business. Without reviewing and investigating them, you may end up with one that may not align with your needs and goals. Typically, environmental due diligence investigation should include checking for:

• Environmental constraints
• Proximity to sensitive habitats
• Potential groundwater and soil contamination
• Safe disposal of hazardous waste
• Survey irregularities
• Zoning and building violations
• Structural defects

Align location with Branding

How far do you go with your branding strategies? You’ll definitely need to invest in a brand to make your business recognizable to customers. But think beyond running ads, social media promotions, and industry events. You can take your brand a notch higher by ensuring that your location aligns with your brand image and values.

Your site should reflect the personality and vibe of your brand. For example, if you’re a trendy boutique, a boring strip mall doesn’t make a great choice. Think of a site that engages with your customers and excites them to visit again. Find a location that fits the bill, and you’re good to go!

Think long-term

Strategic site selection is about long-term planning. Avoid making decisions in isolation. Instead, you consider the rest of the network while choosing your location. In fact, think of both current and future units as you scale your business down the line.

How will those units affect each other? Where should they be located to yield the highest ROI? Answering these questions empowers you with a long-term roadmap and enables you to choose wisely to sustain consistent growth for the long haul.

Adapt your site selection plan

Strategic trade areas evolve over time, so you cannot take a set-and-forget approach to the business location. What was once an ideal site may not be as viable a decade later. As you continue to build your business, evaluate current location performance. It is even more crucial if you operate from multiple locations.

Do you need to close some sites or relocate elsewhere? How will the adaptation strategy affect your long-term plans? Good locations may continue doing well with additional investment, such as renovation and feature enhancement. Conversely, others may require a shift. So be open to embracing changes over time.

Wrapping Up

Site selection seems overwhelming, considering all the factors you need to consider. But trust us, boss, if you invest the time and effort in finding the right location, it can make a world of difference in the success of your consumer business.

And don’t worry if you’re still feeling a bit lost! You can talk to real estate experts and business consultants to get the perfect spot for your business. Don’t hesitate to swap sites if one doesn’t seem good enough. It’s a small price for big profits, isn’t it?

Author Bio: Erica Cruz is a professional content writer, working for Outreach Monks for five years. She holds expertise in business and tech niches and, thus, delivers content that offers new and trending information in an easy format.