Selecting the right location

Insights provided by Ben Marcos & Ted Vicary @ Busihealth

Finding the right location for a business is crucial for its success, and the criteria can vary depending on the nature of the business.

However, some key property search criteria that are generally important for businesses seeking a prominent location include:

Visibility and Foot Traffic:
- Proximity to High-Traffic Areas: Choose a location near busy streets, shopping centers, or other high-traffic areas to increase visibility and attract potential customers.
- Foot Traffic: Evaluate the number of pedestrians passing by the location, as this can significantly impact retail and service-oriented businesses.
Data: Analytics
- Understanding your location from a data analytics perspective is becoming increasingly important given the competitive landscape in the healthcare industry today. Knowledge is power so working with someone that can provide relevant data is a critical advantage for you. Data considerations include supply, income levels, population growth and age.
Competition:
- Competitor Analysis: Assess the presence of competitors in the area. A healthy level of competition can be beneficial, but an oversaturated market may pose challenges.
Accessibility:
- Proximity to Transportation: Ensure easy access for customers, employees, and suppliers by choosing a location with good transportation infrastructure.
- Parking Availability: If applicable, assess the availability of parking spaces for customers.
Local Regulations and Zoning:
- Zoning Laws: Check local zoning regulations to ensure that your business type is allowed in the chosen location.
- Permitting Process: Evaluate the ease of obtaining necessary permits and licenses for your business in that location.
Cost Considerations:
- Rent and Operating Costs: Analyze the overall cost of operating in a specific location, including rent, utilities, and other operational expenses.
Market Trends and Development:
- Economic Growth: Choose a location in an area experiencing economic growth to benefit from a rising consumer base.
- Future Development Plans: Research any upcoming developments or changes in the area that could impact the business positively or negatively.
Safety and Security:
- Crime Rates: Consider the safety of the neighborhood by reviewing local crime rates.
- Emergency Services: Ensure proximity to emergency services and assess the availability of security measures in the area.
Infrastructure and Technology:
- Internet Connectivity: Ensure reliable internet connectivity for business operations.
- Utilities: Check the reliability of essential utilities such as electricity, water, and gas.
Community and Brand Alignment:
- Brand Image: Ensure that the location aligns with the brand image and values of your business.
- Community Fit: Consider the local community and whether it complements your business culture and objectives.

It's essential to conduct thorough research and possibly seek the assistance of property professionals who can provide insights into specific locations. Tailoring your search criteria to match the unique needs of your business will increase the likelihood of finding a location that contributes to its success.

BusiHealth has some of the most extensive data for health professionals in the country - if you want an operator led property search to begin for you - please let them know.

Contact BusiHealth now for a free 15 minute consult to explore your clinic growth journey whether it’s your first or tenth clinic - BusiHealth and Medifit are ready to help you achieve your dreams.

Busihealth.com

Original article here