Choosing the Perfect Location for Your Small Business: 4 Key Insights

Are you gearing up to launch your retail business? You’ve got the loan, the business plan, and now you need a physical presence. Finding your first storefront is a big step and there’s a lot to consider. Here are some tips to help you land the perfect spot.

Just like buying or renting a home, finding your first storefront is all about location. First, decide if you want to be in the city or a rural area. This choice might be simple depending on your business and what you’re selling. If you’re leaning towards the city, choosing the exact street can be more complex than in a small town. Look into factors like the city’s trading area size, retail trade potential, competition, and population trends.

You’ll want a spot that’s not only visible but also profitable. Walk around the neighborhood, check out nearby shops, and get a feel for the area. Consider the local crime rate too. A prominent location might be more prone to burglary, so think about corporate insurance to protect your store and products. Compare different types of insurance to see what fits your situation.

Making the best use of your space is crucial. Consider the layout that matches what you’re selling and the experience you want to create for your customers. A straight floor plan is common for high street stores as it organizes everything neatly. Luxury stores often use a loop floor plan that encourages casual browsing and adds an air of exclusivity, like in jewelry or suit stores. There’s also the free-flow floor plan, a mix of the two.

Leading your customers through your store is important. Whether clockwise or counter-clockwise, the key is to guide them to high-value items. In the US, placing these items on the right can be beneficial as people tend to move in the same direction they drive. In the UK, it might be better to place them on the left.

Once you’ve secured your space, focus on presentation. Nowadays, having an ‘Instagramable’ store can give you an edge. Shoppers often look for places that stand out and are photo-worthy. An interesting or unique aesthetic can drive social media buzz and attract more customers. Whether you go for a vintage glam look, vibrant neon signs, soft pastels, or edgy graffiti walls, make sure your store stands out and feels special.

Lastly, consider setting up a website along with your physical store. An online presence is important not just for eCommerce but for marketing too. It helps people find you both online and in person.