Whether you’re looking to open a new facility for a new business or to expand an existing one, knowing the important factors of picking and choosing an optimal location for it plays a crucial role in determining the success of your future endeavors.
Similar to many other decisions that you’ll have to make as a business owner, choosing a location isn’t easy and there are many things to take into consideration before investing in a good one. Today we’re running through 4 key factors to consider when opening, relocating or expanding your fitness or wellness business.
Demographics
First and foremost, you should think about who your customers are and how close they are (geographically) to your potential location. In order to do this, you’ll need to have a clear understanding of your target audience or the people who are most likely to seek and use your product or service. Where do they live? Where do they work? Where do they tend to spend their free time?
Some attributes of consumers to consider when determining your customer demographics include:
Age
Annual income
Occupation
Gender
Race or ethnic background
Parking and Accessibility
Besides the proximity of the location to your target audience, a good location is also one that is easily accessible to the consumers who make up a good portion of your business’ target demographics.
Very often, convenience is one of the deciding factors for prospective customers, so ensure that your location a pleasant experience for your customers to get to by ensuring that there are adequate parking options, that it’s not too far away from public transport, and that there are signages to allow your space to be easily located.
Duration of Lease
If you’re a new business launching your first location, you’ll want to negotiate as short a lease as possible because you don’t know how long you will be around for. In cases of immense uncertainty, there are even options for fitness and wellness space rental which provide ample flexibility in allowing business owners to lease with a commitment as little as one month, or even by the hour. This dramatically minimizes risks for new business owners particularly.
On the other hand, if you’re an existing (and thriving) business opening a new location for expansion, you’re more likely able to lock-in a better deal for your rent for a longer-term lease.
Personal Factors
If you, yourself, intend on working at this new physical brick and mortar office or studio that you’re opening, you should also think about your own personal considerations, such as the distance between your home or alternative working space, and the new location.
If you end up spending too much time commuting, it may overshadow the benefits of being your own boss. That said, the last thing you want is for you to open a new location, and spend too much time traveling to and from your new location to wherever it is you spend most of your day (whether that’s at home or another existing location that you currently run your business from).
Core Collective is building centres of excellence where the top fitness and wellness professionals collaborate to deliver better service and results for our customers, all under one roof. We help fitness and wellness professionals and businesses grow by providing best-in-class support services and facilities, and by fostering collaboration and professional development opportunities.
If you’re a fitness or wellness professional or business owner looking for a space to conduct, relocate or expand your business, come take a tour of our space. If you're a wellness professional and would like to book a tour please click here. For fitness professionals, click here. For group class instructors, click here.