In this economy, choosing the right location is everything. But with all of the considerations – cost, visibility, accessibility – do you know where to start when making this critical decision for your business?
Choosing the Right Location
According to Scott LeCraw, president and owner of LeCraw Realty LLC, a commercial real estate firm based in Gwinnett County, location is actually a function of the type of business.
“For retail, the location itself is crucial,” LeCraw explains. “Companies will want to look at the demographics of the surrounding area, as their business is a function of their target market, and they will need to analyze the amount traffic flow and visibility that particular locations provide. Drive by impressions are basically free advertising, and you want to be visible and easily accessible to as many potential customers as possible.”
According to LeCraw, many businesses are significantly affected by medians, roadways and ease of entrance. If a passerby isn”t specifically looking for your business, they will likely choose an alternative business on the side of the road that is easiest forthem to access and exit.
“A lot of locations we call right in, right out,” LeCraw says. “This means you can only turn right to reach them. That”s not ease of entry, especially when your target market is dependent on impulse decisions and impressions.”
Regarding industrial and office spaces, companies need to consider the configuration of the existing space, LeCraw adds. Is the space good for your workflow and convenient for your employees? For industrial companies, is the location convenient to major trucking routes?