Hearing him complain reminded me of the adage that the most important factor in real estate is location.
It’s a lesson I learned in tenth grade, when a deli opened a block away from my high school. The owner obviously banked on proximity as a factor in luring lots of students to buy meals and snacks.
And because students tend to travel in packs, it was rare for any of us to visit Leo’s Deli without friends.
I found myself harking back to Leo’s while driving past Poway’s Weight Watchers, just a few steps from Winchell’s Donuts.
Regardless of which feeds business to the other (sorry!), it’s obviously a beautifully symbiotic relationship.
Meanwhile, a canine cryogenics firm recently opened three doors down from my dog’s veterinarian…which I seriously doubt is coincidental.
While rent and transportation availability can be important considerations when opening an office, the criticality of location can’t be underestimated. It’s why lawyers open their offices near the courthouse and sporting equipment stores are typically near a gym.
Planning to open a Chinese restaurant? You’ll improve your chances of success by locating near a Jewish temple.
No, I don’t know why Jewish people typically like Chinese food so much, but there’s much truth in that stereotype. But I digress…
You, too, might benefit from good location, and should start with your customer profile. Analyze what you’re selling, then assess what your customers have in common.
For instance, a car mechanic might want to be near car dealerships. Business consultants probably do better in a business park, while tax preparation firms unquestionably benefit from high foot traffic.
Anyone who’s explored the real estate market understands you get what you pay for, and your location potentially impacts your ability to market and sell anything. If you wholesale baked goods, by all means go for the industrial park to lower your rent. But if you’re a retailer of those same baked goods, the last thing you want is to be difficult to find.
And should you realize you’re in the wrong location, plan to spend any money you saved on rent on marketing to let everyone know where to find you.
With that said, I wish you a week of profitable marketing.
Learn more marketing tricks at www.askmrmarketing.com.