1. Count the chimney pots
Every business benefits from high volumes of customers and the denser the local population (I am talking quantity here not IQ) the greater the number of potential customers. If you have enough people, all you have to do is stock what they want. The perfect product at the best price can only be a best seller if there are sufficient people to buy it.
2. Who and what is round about
◆ Is your intended site near ‘like-minded’ shops? If you are a florist, can you find a location near an undertaker, a bridal wear supplier or outside the bus/train station to catch people on their way home from work?
◆ Are you in a busy thoroughfare with lots of people walking past? The more exposure your shop has, the more likely you are to make sales.
◆ Where is the nearest car park? Parking, particularly if free, brings people into the town and is important if selling bulky items that customers need to collect.
◆ If your product is aimed at young people or ‘clubbers’, how many schools, colleges or nightclubs are there in the area?
◆ If the target customer is retired, are there many bungalows or retirement homes nearby?
The saying is ‘location, location, location’ – the three most important points to
consider when setting up a business.
3. Counting the footfall to find the most customers
Once you decide on a location, the local council may be able to provide information on pedestrian footfall ie, identifying different streets in a town by the number of people who walk through them to discover the busiest areas. There are market research companies that will sell you this information but you cannot beat checking for yourself.
