Why Location Matters for Your Business: Examples and Insights from Getplace
At Getplace, we offer a unique platform that leverages various data sources, such as footfall, vehicle traffic, demographics, competition, and financial insights, to provide businesses with a comprehensive view of potential locations. By analyzing and visualizing this data, we can help businesses identify the best locations for their new restaurant, coffee shop, or any other business venture.
Here are the key steps involved in finding the right location for your business, along with real-world examples of businesses that succeeded or failed due to their location choices.
Step 1: Define your target audience
Defining your target audience is essential when it comes to opening a new restaurant or coffee shop. Without a clear understanding of your customers, you may end up with a location that doesn't match your business needs. By defining your target audience, you can identify areas that fit their preferences and increase your chances of success.
For instance, if you're targeting busy professionals, you may want to look for a location near an office park or a business district. In contrast, if you're aiming for families with young children, you may want to search for a location with ample parking and outdoor space for kids to play.
One real-world example that illustrates the importance of defining your target audience is a case of a UK-based restaurant chain that wanted to expand their business. Although they had several prosperous locations in affluent areas, they decided to open a new restaurant in a less expensive neighborhood. Unfortunately, despite providing the same quality food and service, the new location failed to attract enough customers and eventually had to close down. This highlights the need to carefully consider your target audience when selecting a location.
At Getplace, we combine different data sources such as footfall, vehicle traffic, demographics, competition, and financial insights to provide you with a comprehensive view of potential locations. By analyzing this data, we can help you identify areas that match your target audience and business goals. This can save you time and money by avoiding locations that are unlikely to succeed.
For example, if you're looking for a location for a coffee shop that targets students, we can help you identify areas with a high concentration of universities and colleges. By analyzing footfall data, we can also pinpoint the busiest times of day and week so that you can choose a location that will attract the most customers.
In conclusion, defining your target audience is a crucial step in finding the right location for your restaurant or coffee shop. By working with Getplace, you can access the data and insights you need to make an informed decision and increase your chances of success. So, whether you're a new business owner or an established one looking to expand, let Getplace help you find the perfect location for your business.
Step 2: Conduct market research
When it comes to finding the perfect location for your new restaurant or coffee shop, conducting thorough market research is key. By analyzing the local market, you can gain valuable insights into consumer behavior, preferences, and market trends, which can inform your location decision-making process.
At Getplace, we understand the importance of market research and offer businesses comprehensive data on footfall, demographics, competition, and economic indicators. By leveraging this data, businesses can identify potential locations that are a good match for their target audience and business goals. For example, if you're opening a coffee shop in a trendy urban area, we can help you identify areas with a high concentration of young professionals and students who are likely to be interested in your offerings.
Moreover, our platform can help businesses identify potential challenges and opportunities in the local market. For instance, if there are several established restaurants in the area, we can help you identify gaps in the market that you can leverage to stand out from the competition. Alternatively, if the local economy is in a downturn, we can help you identify areas that are likely to be more resilient to economic shocks.
By conducting market research and leveraging the insights provided by Getplace, businesses can make informed decisions about their location choices and increase their chances of success. Don't let location be the downfall of your business - work with Getplace to find the perfect location for your restaurant or coffee shop.
Step 3: Determine your budget
Determining your budget is a crucial factor to consider when choosing the right location for your new restaurant or coffee shop. Operating expenses, including rent, should not exceed a certain percentage of your potential revenue to ensure profitability. Typically, rent should not exceed 10-12% of your potential revenue.
At Getplace, we understand that staying within your budget is key to success. Our platform provides comprehensive financial insights and data on local market trends, which can help you make informed decisions about your budget. We can help you identify areas with affordable rental prices and low competition, optimizing your location choices to maximize your profitability and reduce operating expenses.
For example, let's say you're considering a location with an annual rent of £60,000 or £5,000 per month. To be profitable, your potential revenue should be at least £41,667 per month (£5,000 divided by 12 multiplied by 100). Based on this calculation, you would need to serve approximately 4,167 customers per month, or 139 customers per day, with an average spend of £10 per visit.
By working with Getplace, we can help you identify areas where you can achieve these revenue targets, taking into account the demographics, competition, and footfall data. With our platform, you can make informed decisions about your budget and location choices, increasing your chances of long-term success.
Step 4: Consider the layout and size
When it comes to selecting the perfect location for your restaurant or coffee shop, the layout and size of the space play a crucial role. It is essential to consider the needs of your target audience and the type of business you're opening to determine the optimal size and layout of your space.
For instance, a coffee shop may require less space than a restaurant but still needs enough room to accommodate customers during peak hours. It's important to ensure that the seating and counter space are adequate to meet customer demand. Additionally, the size of the location is influenced by the projected revenue and budget.
Suppose you aim to serve 139 customers per day, with most of them visiting during 3 peak hours. In that case, you would require the space to accommodate approximately 45 clients per hour. Assuming an average client spends 45 minutes in the coffee shop, you would need about 30 seating places. Ideally, each seat should have around 3 square meters of space, including the kitchen area. Therefore, the total space required would be roughly 90 square meters.
At Getplace, we understand the importance of evaluating potential locations' layout and size to ensure they meet your business needs. Our platform provides businesses with valuable insights into the layout and size of potential locations, saving time and money by avoiding unsuitable locations.
With Getplace, businesses can access a range of data sources, such as floor plans and square footage, to evaluate a potential location's suitability. This includes crucial information on the number of seats, kitchen size, nearby competition, and customer demographics. By leveraging this data, businesses can make an informed decision on the best location for their business.
Getplace can be an invaluable tool for businesses looking to find locations that meet their specific needs. By using a combination of data sources such as footfall, demographics, and financial insights, Getplace can provide businesses with a comprehensive analysis of potential locations. This enables businesses to optimize their location choices, maximize profitability, and ensure long-term success.
Step 5: Evaluate the neighborhood
Evaluating the neighborhood is a crucial step in determining the success of your business, and Getplace can help businesses do this effectively. Our platform provides insights into various sources of traffic, such as foot traffic, vehicular traffic, and public transportation, as well as proximity to major transportation hubs. By analyzing this data, we can help businesses identify potential sources of customers and evaluate how accessible the location is to these sources.
In addition to identifying potential sources of customers, it's also important to consider the competition in the area. Getplace can help businesses identify the competition in the area and evaluate their strengths and weaknesses. This information can help businesses develop strategies to differentiate themselves from competitors and attract customers.
Furthermore, the neighborhood's demographics should also be considered when evaluating potential locations. Getplace can provide businesses with insights into the demographics of the area, such as age, income, and education level. This can help businesses tailor their offerings to meet the needs and preferences of the local community, leading to increased customer satisfaction and loyalty.
Overall, evaluating the neighborhood is a critical step in finding the perfect location for your business. By using Getplace's data-driven approach, businesses can make informed decisions about potential locations and increase their chances of success.
Getplace.io offers businesses comprehensive information about the surrounding area to streamline the location evaluation process. Our platform provides detailed insights into foot traffic patterns, public transportation options, and nearby amenities such as hospitals, schools, and shopping centers. With this data, businesses can make informed decisions about potential locations and identify areas with high levels of customer traffic.
Moreover, Getplace.io offers insights into local competition, allowing businesses to assess the level of demand in the market and identify any gaps that need to be filled. By leveraging this data, businesses can better position themselves for success and maximize profitability. With our platform's help, you can evaluate the neighborhood and find the best location for your new business.
Step 6: Work with a location finding service
If you're looking to open a business, such as a coffee shop or a restaurant, you know how important it is to find the right location. It's not just about finding a space that fits your budget, but it's also about finding a place that's easily accessible, has enough foot traffic, and is located in an area that fits your target audience.
Working with a location finding service like Getplace can help simplify this process for you. Getplace provides businesses with comprehensive data analysis, including footfall, vehicle traffic, demographics, financial insights, and competition, to help you make informed decisions and find the best spaces on the market. By leveraging this data, you can save time and money by avoiding locations that aren't the right fit for your business.
Getplace's advanced mapping technology makes it easy to see all of the data layers at once, including foot traffic, demographic information, and more. This can help you quickly identify the most promising areas for your business. Additionally, their expert team can help you narrow down your search and provide personalized recommendations based on your specific needs.
Whether you're a first-time business owner or a seasoned entrepreneur, working with Getplace can help you find the perfect location for your business. Their comprehensive data analysis, advanced mapping technology, and expert team make the location finding process easier than ever before.
How to use Getplace.io in real life?
Getplace.io is an essential tool for businesses looking to find the perfect location. By providing a comprehensive analysis of a wide range of data sources such as footfall, demographics, and competition, Getplace.io helps businesses make informed decisions about where to open their business. This user-friendly platform allows users to view multiple locations side-by-side and compare important factors such as foot traffic, nearby amenities, and competition.
Using Getplace.io in real life is simple and effective. For example, if you're looking to open a coffee shop or restaurant, you can compare the location reports for potential locations like the ones at https://app.getplace.io/location-report/C1bOa4 and https://app.getplace.io/location-report/dgaAJd. By doing so, you can easily determine which location is the best fit for your business based on factors such as foot traffic, customer demographics, and competition.
In addition, Getplace.io is constantly improving its services with the latest feature that displays various layers of data such as footfall and demographics on one map. This makes finding the perfect location even easier and more efficient for businesses. With Getplace.io, businesses can save time and money by avoiding locations that are not suitable for their needs and ensuring that they choose the best location for their business to thrive.
By utilizing the powerful tools and services offered by Getplace.io, businesses can make data-driven decisions that can significantly improve their chances of success. With detailed reports on footfall, competition, demographics, and other key factors, Getplace can provide valuable insights into potential business locations. Investing in a location finding service like Getplace can save businesses time and money in the long run, as a poor location choice can result in lost revenue and wasted resources. With a reasonable fee of just £300, businesses can access a wealth of information and analysis to help them choose the best location for their needs. By trusting in the expertise of Getplace, businesses can avoid costly mistakes and set themselves up for success. Don't let a poor location choice be the downfall of your business - make the smart choice and choose Getplace.io for your location finding needs.