November 14, 2024 Copyright ©️ 2024 by goldkeen International Patent & Trademark Joint Office
Is opening a store in a busy area always a safe bet?
When it comes to evaluating a store location, you’ll often be asked to check foot traffic on the street. But you might discover:
- More foot traffic doesn’t necessarily mean better business
- Your business might actually struggle in high-traffic areas
- The costs may far exceed those of your other branches
So what should you do?
Start by considering this—if your business has the following characteristics, then a prime retail location might not be your best option:
- Your product or service doesn’t follow trends or require impulse buying
- Customers have periodic needs for your product/service
- The purchase decision process is relatively long
In such cases, let go of the idea that you must open in a top-tier commercial zone. Instead, assess whether secondary streets are viable locations.
Sometimes it’s hard to picture who your true target audience (TA) is. Using the process of elimination to reduce business risk is also a smart strategy.
This article is shared with permission by Chain Store Launch Consultant Sammy Chen.
For consulting services, search for him on LinkedIn.
This is Day 37 of the Franchise Expansion A-Plan Series. If you’ve followed us until today, we’ve also prepared:
- A summary of 8 key points about Taiwan’s trademark system
- Trademark category suggestions for 10 major industries
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