When it comes to choosing your business’s location, it’s important to remember the three C’s: community, competition, and cost. While one specific area might be ideal for your customer base, it might not be feasible for your business plan. Ultimately, the choice is yours, but these considerations can help you make an informed and wise decision.

Location in the Community

Running a successful business relies heavily on one key factor—a solid customer base. Determining your target audience is essential for any successful business, because targeting any and all customers is not only ineffective, but incredibly costly as well. Unless you’re running an e-commerce shop, you have to be present in the location where your ideal customers are spending their time. Choose a community where your chosen demographic lives, works, or enjoys pastimes.  

A great location and its community need more than just paying customers, though. If you have no one to run your restaurant, retail store, or salon, then there’s no one to serve your buyers, right? Be sure your chosen location has an ample supply of qualified, potential employees too.

Location of your Competition

Though sometimes challenging, healthy competition can actually help bolster your business. Avoid becoming complacent by positioning yourself in a location that feeds on competition. A close proximity to your competitors can push your team to strive for better customer service and greater innovation. Say your diner is a mere city block from the nearest restaurant. You could use this as an opportunity to distinguish your offering with unique specials, new recipes for old favorites, or with a serving staff that goes above and beyond for their customers.

That being said, if your competitors have clear advantages, it may be best to avoid locations that are heavily populated with rivals. Take the same restaurant example, but add half a dozen more pubs, bars, and diners in the same general area. Each business is trying to differentiate itself with unique ideas and better service; this makes it incredibly difficult to make your new business stand out from the rest! When the competition is too stiff, you’re better off choosing another location or area.

Cost of your Location

Last, but definitely not least, any new business owner needs to consider the cost of the location. A high-traffic commercial area might offer you more foot traffic and potentially more customers, but it can also be more costly. Alternatively, a more remote, quiet location might reduce the opportunity for walk-ins, but it will lower the costs of the location as well. It’s best to determine whether or not people will go out of their way to get your product or service, or if it’s more of an opportunistic purchase to see what’s best for your business.

The old saying couldn’t have been more right, it’s all about location, location, location! Now that you’ve reflected on these factors, you can make a better decision to build your business in the ideal location. When you’re ready to break ground, be sure to hire the best at De La Riva Construction Inc. to help start your business off right! Don’t hesitate to call our office at 714-871-9561 for more information today.