Location, location, location, that is the mantra that you always hear. Your location is a critical part of your retail business success, so you must choose wisely. But, how do you choose the right location?
One common mistake is to select the least expensive place available to keep overhead costs low. Containing costs is important, but remember, no amount of advertising dollars will make up for a bad location. If people can’t find your business, they can’t spend their money with you and this will be even more expensive for you in the end. Think of it this way. What you don’t spend on rent you will spend in advertising.
A second mistake is using a retail location for offices and storing inventory. Retail space is expensive and the vast majority of the space should be used to display your merchandise, not house your bookkeeper. Put your back office staff in a different, less expensive location.
