We’ve all heard about the importance of location when it comes to opening a new store or starting up a new business. Everyone thinks about starting up a busy location with a lot of traffic, people say to always rent an office in a prime location that attracts workers, and some people even say that if you open up a store in a remote location, you’re suicidal and your business with fail within the first year.
But not only is opening a store in a remote location beneficial depending on the situation, there are many disadvantages to opening a store in a prime location that not many people think about or document.
Let’s start with the most obvious expense; rent. If you’re going to start up a business in a prime location, then expect to pay ridiculous amounts of money for rent. These aren’t prime locations for no reason, they’re expensive because they get plenty of foot traffic, are near public transport stops and are popular tourist destinations. If you want a spot in these highly sought-after locations, then you’d better be prepared to pay a ludicrous amount of money for a lease.
Amenities and Services
Not only is rent more expensive, but local amenities are also going to be expensive. Buying food for your lunch break might not seem like a big problem, but over time, you could save a lot of money if you were in a more remote location with better value prices on everything from food to local suppliers. For instance, tax attorneys in the nation’s busiest city have plenty of experience and can help you deal with pretty much any tax matter you have. However, they’re also going to be very expensive if you work in an expensive area and they might charge you more for their services than another company that operates in a remote location.
Social Media Helps Us Connect
If your haven’t implemented social media into your business marketing strategy, then it’s time to do so. In the past, getting your business recognised depended on how close you were to other well-known businesses, how easy it was to spot your business if you were talking down the street or local directories that listed your business. Thanks to the internet, social media and online business directories, we can list our location and people will flock to our stores assuming we sell something worth their time. Essentially, it means that we no longer need to compete for foot traffic. Instead, we need to compete for internet traffic, and that’s a battle anyone can be a part of.
Building a Community
Something that very few people think about when opening a business location is the sense of community. You might get a few regulars coming to your store if you are in a prime location, but they’re so busy and those individuals just want to come into your store, buy something, then be on their way. It’s not like that when you start up a remote location. Not only do the locals come back time and time again (probably because you’re the only one that offers your specific products in your area) but you’ll also get to know them, they’ll make constant recommendations to their friends, and you won’t need to compete with nearby rivals.