A recent discussion with a medical equipment provider yielded surprising information. The issue at stake is how business finds and arrives at the provider. To understand the surprise, it is important to understand the situation.
A local medical device provider resides in a small strip mall and this mall has limited traffic due to the nature of the surrounding businesses. The rear of the business faces a street where cars pass to reach a main thoroughfare. A sign on the store alerts those as to the nature of the business.
The provider is one store of a startup that provides medical devices and services to its patients. These devices may be purchased without a prescription from a physician. Thus, patients must desire such equipment and search out possible providers. They will then either walk in or call for an appointment. Competition for this sector exists, so patients have several options for finding the equipment and service. For example, searching the Yellow Pages or the internet can lead to identification of alternatives.
The store manager recently prepared an assessment of how customers find the business. The purpose was to seek a means of increasing traffic to other stores in the small chain. One of the more surprising discoveries was that a more people find the business by seeing the sign as they ride by rather than searching the Yellow Pages or internet.
The location may not be critical for all businesses, but it is essential for a large number. Foot traffic or drive by traffic generates more eyes on your business. When the offering caters to a general population, the more that see the business the greater the potential for increasing revenues. The store, signage, and business space must be visually attractive, uncluttered, and inviting. You may only receive 0.1-2% of the people passing by, but if the traffic reaches 30,000 cars per day, one may see resulting visits of 30 to 600 visits per day. The nature of the store and offerings will play a large part in the number of visits, but when more eyes see your business, more people are likely to come by and visit.
The point is that when you decide to start a business, one part of your advertising is location and signage. You may also find other advantages by selection of the good location. Do not overlook other benefits of a great location; i.e., things like, ease of hiring staff, convenient access for deliveries, travels to and from the business. Spend adequate time preparing your business plans and obtaining advice, but do not overlook the place where the business will reside. It often makes a difference!
