Location, location, location.
You have probably heard this cliche before, but have you thought to apply it when it comes to figuring out where to place your small retail store? When you want to find this out, one of the most important decisions you will make in this regard is whether to set it up in a downtown area or in a suburb. You will need to be sure that you follow some important steps, so that you are capitalizing in your location. Consider these points, so that you can then make the best decision for you.
First, what sort of clientele do you want to attract? If you are looking into a business that is more upscale or catering to a higher-priced demographic, suburbs are not the way to go. In most cities, downtown areas include an air of hustle and bustle, business, creativity and of course — money! On the contrary, suburbs are more personable, friendly and individualistic, so that you can reach a demographic that may be more family oriented or accustomed to slower paced, less intimidating circumstances. Make this your first point to consider when deciding between downtown and suburbs.
Second, you will definitely need to consider how much rent or mortgage you are willing to sacrifice for your office space. Simply put, downtown will fetch the most expensive asking price for real estate no matter where you live. This will have a tremendous payoff if you happen to attract more business, since downtown areas are also more populous. This is a trade-off that only you will know that you are willing to lean toward, but understanding this trade-off will help you decide whether to move to downtown or the suburbs.
Finally, you should consider the amount of space by which you plan to operate. In downtown, you will likely have smaller office buildings or will even share a suite with other business owners. Suburb denotes more sprawl, so you will have more square footage to your name that you can do with as you please. Each has pros and cons. Of course, having more space means more control over the operation of your business and what you want, while sharing space with others provides large-scale networking and resource sharing opportunities.
With this in mind, you will be able to decide what works best for you. Use these tips to guide you.