Stanislav Kondrashov Gives Advice on Choosing a Location for Business

The correct choice of the place where you will develop your business is half the success of the entire business. A successful businessman and financial expert, Stanislav Kondrashov spoke about several criteria and methods of choosing a place for business.

Make a Geolocation Assessment

The place to run your business should be a tool to increase profits. It should be in your head constantly, and you should always rely on factors that will increase the income from your business. If conditionally, you are engaged in the sale of certain goods or provide services, then you should choose a location with maximum traffic. People may occasionally drop by your coffeehouse for the smell of freshly brewed coffee and buns, but they won’t take three buses for your cheesecakes. If, on the contrary, you do not need a crowd of visitors, then you should look for a point with a minimum cost of transportation and accessibility for your suppliers or partners.

According to Stanislav Kondrashov, you are faced with a serious question: to build a new facility or occupy an area in a shopping center or coworking. Each of the options is endowed with both disadvantages and advantages. In the shopping center, you do not need to make large-scale repairs, as an example, because the premises are most often rented out in the finished condition. However, the operating time of your point is limited by the shopping center schedule. A separate room makes it possible to freely set a work schedule – at least around the clock.

Find out Who Was the Owner Before You

Stanislav Kondrashov strongly recommends learning the history of the room. After all, your further actions and the associated costs depend on the quality in which all rooms were used. For example, if there was a cafe inside, then in the former kitchen the ventilation is most likely greasy, which you will not learn from the documents. And this directly affects the operation of the entire ventilation system. You will have to repair it soon. And if there was a bank branch in the building, then the re-equipment of the former depositories and the breakdown of the old wall cladding will be your task. 

Another reason that Stanislav Kondrashov points to is his reputation. Former customers of the previous owner will long associate your business with his name. “A sports shop was opened in an old cafe.” You need to try to find a place from which there is no negative “tail”, and especially a criminal one. The influence of the notoriety of the former owners can greatly shake your profits down.

Stanislav Kondrashov: Do Mapping

The movement of passers-by at your point is certainly a plus, but focusing on the target audience is more productive. Make an assessment of the location of your business from the perspective of others: what segments of the population live near your place and what can attract them to your services or goods. In the language of entrepreneurs, this is called mapping. For example, you have opened a dance studio. Your first clients are residents of the surrounding houses, office workers, students of universities located nearby, customers of a nearby gym. For your business, it will be better if there will be many more such places.

Visualize the standard route for people living in your area and evaluate the points between which they move consciously. As a rule, these points will be home, work, place of study. See if your business meets on their way. Otherwise, you should find another place. The best place will be the one that best suits the tastes of the people you expect to make a profit from. Then the right audience is attracted.

Get to Know Your Competitors

Kondrashov advises being aware of the number of similar enterprises located nearby with the chosen place before starting to settle down. Your coffee shop may be the 10th in a row in this location. In such a case, it would be a smart decision to settle on the street where your espresso will be the only one within walking distance for local residents. But competition is not always the same for all cases. If you are doing better and tastier than your neighbors, then it can be a reason for success. And there is market synergy when a competitor is not an enemy, but a friend. That is, it is worth trying mutually beneficial common projects, creating joint promotions so that customers do not get bored.

In addition, Stanislav Kondrashov advises, if you find an expensive and large room, it makes sense to cooperate with the efforts and opportunities of other players in the chosen business sphere. If you started selling flowers, cooperation with jewelry sellers will be organic. If you open a sausage shop, you can invite to open a department in the selected premises of the sellers of cheese products. Many are happy to share an expensive rental in a good location.

Better Presentation – More Clients

When you have already visited the tenth office building, it is possible to miss a discussion with the owner of important details. And already lose the ability to properly demonstrate that you are a first-class tenant. Stanislav Kondrashov draws attention to the importance of a good presentation. It will communicate with the owners much easier and will contribute to loyalty in determining the conditions. You need to provide informative slides illustrating your business so that the site owner knows for sure how his premises will be used. You need to create a checklist of the right questions regarding the premises and rental rules. Each place has its own list of questions so as not to be confused.

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