Everybody you meet nowadays is an “Aspiring” Entrepreneur.
Granted, that’s much better than those who aren’t trying to be entrepreneurs at all, but you can’t get stuck aspiring to be something forever.
How long have you been an aspiring entrepreneur?
It’s just a sugar-coated way of saying, I haven’t made it work, yet.
Well, today I’m going to let you in on a little secret that’ll remove the word “Aspiring” out of your Aspiring Entrepreneur title…
A man by the name of Ray Kroc was once an aspiring entrepreneur…
Until he founded McDonald’s that is.
If you haven’t read about Kroc or seen the many documentaries or movies made about him, then you’ll be surprised to hear that he famously stated he wasn’t in the fast-food business.
He was in fact in the real estate business. And it was that perspective that took the “aspiring” out of his aspiring entrepreneur title, and made him an international success.
So, if you want to get rid of your “Aspiring” title, the same reasoning stands.
Location is everything. It can make or break your business.
But if you know what to pay attention too, the location of your business can ensure longtime success.
There are a thousand factors to consider when starting a business, but some of the biggest things to think about are the following:
- Customers/Clients
- Workforce
- Marketability
- Competition
And guess what?
ALL of these things are completely dependent on where you choose to locate your business!
The first thing you need to ask yourself is ‘what is the purpose of my business?’
Answering this question can help you narrow down where you should be looking for a place to set up shop.
For example, if you’re opening a clothing store that specializes in beach attire, you don’t want to look for real estate in Minnesota.
Or, likewise, if you’re starting a business that provides financial advising to other businesses, you want to find real estate in a city where new businesses are on the rise.
Then you have to ask, ‘what is the demographic of the area?’
If your beach attire business specializes in high end swimwear, is there potential for high paying customers in the area?
For your financial advising firm, does your potential location have businesses that will likely need/ be able to afford financial advising?
In addition to consumer demographic, is there potential for suitable employees? Do people in the area already have the skills you need to make your business work?
Once you’ve narrowed down the general location by the product or service you are providing and the demographics of the area, you have to consider how much space you need and what kind of space you need.
Once you’ve found a place that meets all these requirements, it’s time to really analyze if this is the right place to make your business a success.
Key things to look out for are:
- Competing businesses nearby
- Supporting businesses nearby
- History of the building/ neighborhood
- Accessibility
If there are other businesses in the area that already provide something too similar to your business, your chances of success are slim to none. However, if there are supporting businesses nearby, it can ensure the flow of customers and clients.
A great example of this would be setting up your beach attire store near a beach supply store that offers umbrellas, towels, beach chairs, and the like (but not competing beach attire). In this case, the two businesses will each gain costumers from one another.
Another important factor that many people don’t consider is the history of the building. If you’re opening a restaurant where three previous restaurants have already failed, the likelihood of your restaurant failing is greatly increased.
Likewise, the overall tone of the area can affect the sort of customer traffic you experience. Even if the town where you are located is in need of your business, people may not seek it out if you are located somewhere inconvenient or unpopular.
And finally, the accessibility of your business is essential.
More than just being located somewhere central, the actual set up of the business is important. Is your business visible from the street? Is there enough parking? Is it easy to get in and out of the building? The parking lot?
No matter how ingenious and incredible your business is, if you don’t choose your real estate carefully, it will be doomed to fail. Only 1 in 3 businesses survive past 10 years, and a HUGE part of this is due to location.
The businesses that choose the right location are destined to succeed, and the ones that don’t are doomed to fail.
There’s a reason why the adage “location, location, location!” has survived for nearly a century. If you keep it in mind, your real estate choice will ensure that your business is an absolute success.
