11 Feb The Location of a business
How much is your business worth? Location, location, location.
The location of a business can make it flourish or can cripple it. The one golden rule to remember is:
- Locate as close to the target market as possible.
The target market depends on the type of business meaning different locations will benefit certain businesses more than others. However, there are always exceptions where a business will thrive in an area that doesn’t seem to fit their purpose, this is usually down to an individual who runs the business which makes it hard to transfer a new owner and keep the business successful. Here are some examples of some prime locations for different businesses:
Within existing health centres, or the closest pharmacy to an existing health centre. Once patients have collected their prescription from their GP they will often use the first pharmacy that presents itself to them.
Within the community that it serves, so often you will find High Street locations, or more recently close to retail parks. However, converted residential properties within residential areas also work. Parking is important as is the surgery being within walking distance.
Within town and city centres that act as a Leisure hub for the local community. Or within village and rural locations where people will travel if the product is good enough or the chef well known enough.
Very dependent on which sector within the pub market that you are trying to win over. Community local, within the local community or housing estate. A city centre is a great location for a late-night venue. A good quality, food led pub is best located within high value town or village locations.
This may seem obvious but it is very important to keep in the back of your head when looking at business. Do your research check with local councils for any future developments that may change or increase the target market.
Next month we will look at the differences between leasehold and freehold premises and what this means for you.
Looking for new businesses with great locations then have a look at our businesses for sale page.