Location, location, and, 'um, location1x

Those three fabled keys to success in real estate are equally as crucial--and as irreplaceable--for your business: for a traffic- or pedestrian-driven business, it's where you are that counts.

When you opened your business, you probably spent hours researching the best site for your establishment. You probably studied traffic patterns, took a look around to see what other businesses were nearby, how housing and population trends were shifting, and what clientele the immediate area would generate for you.

Have you asked yourself those same questions lately? Have you taken a good look at where you're located--and, more importantly, a good look at the area around your business--and asked yourself the hard question: is it time to move?

No one relishes the prospect of moving a business. It's a time-consuming, labor-intensive task that is as daunting as it is unappealing. But the reality is that if your business is slumping, if the climate around your business has changed, or if a number of other factors have undergone an evolution, it may be time to gulp hard and relocate.

Here are some questions to ask before making that decision:

1. Are there surrounding businesses which generate clientele for my business? You certainly don't want direct competitors situated next to you, but businesses which attract the same type of customers--for example, a restaurant near a number of retail stores--is the ideal mix. If you don't have help from other businesses attracting customers to the area, you may want to look elsewhere.
2. Has the entire area deteriorated? What once was a well-manicured, well-maintained neighborhood may have slipped over the years to become an area that customers don't find appealing--or, worse, find dangerous. If that's the case, you need to reconsider your location.
3. Have you outgrown your location? Is your physical space too confining, too cluttered and too old to fill your present needs? Does it look old? Are you restricted regarding what kind of repairs or upgrades you can do on the physical space? If you answer yes to any of those questions, a move may be in order.
4. Have traffic patterns changed? Perhaps the road your business is located on once was one of the main business thoroughfares in the area. Is it still? Or has the hub shifted to another area, siphoning traffic--and customers--away from you?
5. Has the population shifted? If your business is located too far away from the population center of your area--or if competitors have spring up closer to those population centers than your business--then it's definitely time to reconsider your location.

Remember this: the only person who has to show up at your place of business is you. Customers today are pressed for time and yearn for convenience and ease of access. If your current location doesn't deliver those two important ingredients, your business's recipe for success is lacking a crucial, irreplaceable ingredient.