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Location Isn’t Everything – The Opposite of What You’ve Heard

man holding business location picture

When we talk about the recipe for building a great business, The saying; Location. Location, Location is often mentioned. Although Location is an absolutely important factor in choosing a business location, it is but simply a small part of a bigger puzzle.

Have you heard the adage – location, location, location? It’s likely that you have. When we talk about the recipe for building a great business this saying is often mentioned. Location by many is considered to be the most important factor in becoming profitable.

Characteristics of a Good Business Location

The physical address and features of a property are undoubtedly a prominent consideration. The neighbourhood, surrounding established businesses, demographic breakdown and traffic data are all important.

A good location can mean different things to different businesses. There are many objective factors that determine the value of a location to a business. Most often than not, you may not be able to secure a business location that ticks all your boxes in terms of location and that is not an issue to be worried about.

Factors that most business owners keep in mind when shopping for a location for their business include:

local business owner in Ottawa

Centrality: Whether the location is in a city or town is of value to the business owner and the type of business to be conducted there.

Neighbourhood: The neighbourhood the prospective business location is situated in is also of importance. The appearance, accessibility and amenities present in the neighbourhood have a huge part to play in subsequent decisions.

Development: Future residential and infrastructural plans in the prospective location is also a point of consideration.

Lot Location: It is important to consider the lot location. Whether the prospective space is on a busy road or close to the highway may be detrimental or be an advantage to your business.

Why a Good Location Isn’t Enough

local business owner in OttawaRelying only on location is not a guarantee that a business will become successful. In fact, it’s only one part of what should be a larger and more comprehensive development strategy.
Some people are of the mindset that they are entitled to or will be guaranteed overnight success by merely opening their doors to the public. For those with this expectation, it’s as though people will flood into their new establishment the moment they flip the light on – eager to give them money. Businesses will often fail and customer service will be poor when owners take such a narrow minded approach.

Other Factors To Consider When Starting a Business

There are several factors beyond location that go into building a great business. These are often neglected or ignored completely as contributing factors to a businesses success or failure. People generally default to blaming the location, the traffic draw of adjacent tenants or neighbourhood before examining the inner workings of their particular business for reasons why it will or will not be successful. Here are some major factors that require thorough and well executed strategies for any venture to have a real shot at success:
  • Great product and service.
  • Excellent customer service and customer experience.
  • Marketing brand awareness strategy.
  • Customer acquisition and retention strategy.
  • Reliable and smart management.
  • Healthy start-up capital.​

Work With the Best Commercial Agent in Ottawa

local business owner in Ottawa with commercial realtor

You are not required to utilise a realtor when getting a space for your business. However, if you are opening or relocating to a new location, a reputable local realtor can assist you in learning more about the neighbourhood. They can also provide information on community activities and other topics.

Commercial real estate agents have superior knowledge on sales and leases and may be able to negotiate a better price on your behalf.  If you’re looking for a new home for your business, My Ottawa Agent is your trusted partner for all commercial real estate and business needs in Ottawa. Contact us Today

Until next time,

– Mitch Gauzas –