22 Jun Top 3 Tips On Finding The Best Site For My Business
Finding a site for your business, whether you’re a national, multi-store or single store retailer, is a complex task. Determining an appropriate site for your business depends on a plethora of factors. We narrow down the top 3 on finding the best site for your business.
Know Your Customer
This might seem a simple tip but it is essential that you have a great understanding of your customer, as this give you the tolls to best utilise the demographics of a site. Once you know your customer you can use demographics to pinpoint the locations that will best suit your business. There is nothing worse them paying too much rent for a high traffic location if that traffic isn’t your customer, this places too much strain on any business and can inhibit further growth.
Benchmark Your Business Performance
Spend the time to benchmark your business and from that see who the surrounding retailer are for your best performing stores. Whether these be direct competitors or retailers in a totally different sector and product, but are drawing your customers. If you can find the precincts that best suit your business this can help drive sales and brand awareness.
Know What You Can Afford
Make sure you know what you can afford to spend on any site, not just what rent but what is the total outlay to establish your business in that location. Different locations will cost more to set up the business than others and as such will impact the return. Utilising the first two points will allow you to best make this assessment, once you know your numbers you will easily be able to assess if a site is going to work and at what rent you can maximise your return. If a ‘good’ location is too expensive it is best to pass and move onto the next one.
Cameron Wallas has over 15 years with leading property companies including Centro Properties, GPT Group, Novion and Stockland, which have included a number of senior roles. Cameron has now changed his focus to assist retailers in all aspect of leasing. Cameron advises clients such as Mad Mex, Famous Fish, Bettys Burgers and Sandwich Chef.