Maybe up until now, you've been primarily an online business. Or perhaps you have a location but are looking for a bigger and better one as the company is growing. Whatever the reason you're location scouting for your business, there are certain things you absolutely want to make sure of when deciding on a new venue. We have put together a brief guide to help you determine where your new location should be...
Does the area fit your demographic? If you haven't done your demographic research, then what are you waiting for. Odds are, you have a pretty good sense about your target market: their age, income, professions, spending habits. This is all the info you need in order to have a thriving business. Your location should be somewhat aligned with this demographic. It doesn't make sense to set up shop miles away from your target clientele.
Are your competitors nearby? The logic here is that your competitors have already done the legwork and researched the location. They've also probably spent a good amount on advertising to drive customers in—take advantage of this. Having competitors nearby could be a very good strategy.
Does the structure have the layout you need? Beyond just the geographic location, the building you purchase or lease needs to suit your company. The layout is hugely important. A restaurant is going to have vastly different requirements then a car dealership. Pay attention to the details of the building itself before jumping into anything.
At First Union, we can most definitely help when it comes to getting you the money required to purchase a new and/or larger location. We want to see small businesses thrive and grow—it's why we do what we do. With loan programs ranging from 5k to 1 million, we have the resources ready and waiting to allow you to realize your business dreams. Call us today!