Finding the PERFECT location for your business | Business 101

Summary

In "Finding the PERFECT location for your business," Grant Navarre offers valuable insights on choosing the right location for your business. The video details the importance of demographics, location, and traffic accessibility. Navarre uses examples of two shopping centers, illustrating how factors like income, daytime population, and ease of access impact business success. The video emphasizes the importance of proper research and strategic planning, including working with a real estate agent to navigate these decisions effectively.

Highlights

• Understanding the detailed demographics of specific areas is key to finding the perfect business location. 📊
• Not having a similar business nearby doesn't necessarily mean there's a gap in the market. 🏪
• Using a real estate agent can give you access to valuable tools and insights at no cost. 🤝
• Daytime population is as important as residential numbers; both should be considered. 🌞
• Checking traffic patterns and red light positions can impact the visibility and accessibility of your business. 🚦

Key Takeaways

• Location matters! Choosing the right spot for your business can make or break its success. 🌍
• Demographics change block by block; it's crucial to get detailed data on the areas you're considering. 📊
• Just because a service is or isn't in an area, doesn't guarantee your business will or won't thrive there. 🏪
• Working with a real estate agent can offer insider knowledge without extra cost. 🤝
• Check for ease of access and visibility; traffic counts and red lights can significantly impact foot traffic. 🚦

Overview

Finding the right location for your business can be a complex task, but with Grant Navarre's guidance, it becomes a well-structured process. He emphasizes the significance of understanding demographics at a granular level. By examining changes every mile—for example, how household income can widely differ—you gain insights into potential customer bases beyond surface-level city data.

Grant also highlights the usefulness of a real estate agent—a cost-free resource for business owners. Real estate agents provide valuable local knowledge and tools for assessing a location's viability in terms of demographics, competition, and market needs. This partnership can level up your site selection strategy and help ensure it thrives.

Finally, ease of access and visibility are crucial. Grant mentions the importance of traffic flow, red light proximity, and parking availability. These factors contribute to potential customer foot traffic and ease for them to become aware of your business. Traffic statistics and where and how people commute or gather can significantly influence success, solidifying the location's suitability.

Chapters

• 00:00 - 00:30: Introduction In this chapter, Grant introduces the concept of selecting an ideal location for a new business venture. He emphasizes the importance of assessing shopping centers using demographics and other critical factors. Grant mentions his firsthand experience with a shopping center that he witnessed being constructed and is now almost fully occupied. He also promises to share insights from another significant shopping center, aiming to provide valuable guidance for finding the perfect business location.
• 00:30 - 01:00: Key Considerations for Choosing a Location In this chapter titled 'Key Considerations for Choosing a Location', the focus is on the various factors that need to be considered when selecting the right city and location for a new business. It covers the importance of demographics, accessibility, and traffic in the area where one intends to establish a business. The chapter aims to provide valuable insights and experiences to help make informed decisions regarding business location.
• 01:00 - 01:30: City and Area Demographics The chapter titled "City and Area Demographics" discusses strategies for new business owners in selecting the right city for their venture. The text advises physically visiting potential areas to observe activities and visit major local businesses. It emphasizes the importance of understanding demographic changes within different parts of a city, as these can vary significantly even within short distances. The chapter suggests using resources like videos to aid in selecting a suitable city.
• 01:30 - 03:30: Demographic Details The chapter discusses the importance of analyzing specific local demographic details rather than general city demographics when implementing a new concept or strategy. It highlights the economic diversity within small geographic areas, using Houston, Texas as an example where household income can dramatically change within a short distance. Emphasizes the need to consistently update demographic information when focusing on new areas to avoid common misconceptions.
• 03:30 - 04:30: Additional Demographic Information This chapter discusses the misconceptions around the presence or absence of certain products or services in a specific area and how this affects assumptions about their potential success. It cautions against the notion that just because a type of business is present in an area, it will succeed, or that its absence indicates potential failure. The example given compares the potential for success between businesses like Jamba Juice and Main Squeeze, or Planet Fitness, illustrating that location alone doesn't determine success.
• 04:30 - 05:30: Daytime Population Considerations The chapter emphasizes the importance of selecting the right location for a new business by considering demographic factors. It warns that placing a project near booming businesses could lead to success or competition issues, and stresses the need for independent research. The speaker advises to focus on demographics and not get distracted by others' opinions, underscoring the analogy of entering business as entering war.
• 05:30 - 06:30: Monthly Household Consumer Expenditures The chapter emphasizes the importance of using an agent when leasing a space. It assures that hiring an agent does not incur personal costs since the agent’s fee is typically covered by the landlord. The chapter outlines benefits such as having someone knowledgeable about the area who is not the landlord, which ensures unbiased guidance. While landlords might offer seeming benefits in dealing directly, the chapter advises that having an agent does not disadvantage one's potential deal. Furthermore, the chapter hints at an upcoming section discussing specific demographics, though they are not detailed in this segment.
• 06:30 - 12:00: Ease of Access and Visibility The chapter 'Ease of Access and Visibility' discusses the importance of choosing a location based on projected population growth and current population data. It highlights data showing a 3-mile radius with 70,000 people, a 5-mile radius with 184,000 people, and a 10-mile radius with 680,000 people. It emphasizes looking at average household income in these areas, noting a $130,000 household income within the 3-mile radius. The chapter advises that as the radius increases, the income average might decrease due to a larger and more diverse population.

Finding the PERFECT location for your business | Business 101 Transcription

• 00:00 - 00:30 hey everybody it's Grant and today I'm going to be showing you how to find that perfect location for you new business where it sells that good or service you've always wanted to do in today's video I'm going to show you two examples on uh shopping centers on what you would do with some demographics and a ton of other tips the first one is going to be this one right behind me I've watched this thing get built from the ground up and now it's nearly fully rented and I'm also going to show you another example of a shopping center that's very near and dear to me and I know you're going to get a ton out of it let's get into it
• 00:30 - 01:00 [Music] so in today's video we're going to talk about not only demographics we're going to talk about location we're going to talk about finding that right City for you and your new business we're also going to talk about accessibility we're going to talk about how how much traffic goes in that particular area you're trying to put your business this video is going to be jam-packed with a ton of knowledge and a ton of experience from me that's going to help you with your new business and your new location so the first thing after you pick the city that you're actually going to be putting
• 01:00 - 01:30 your new business in I'm actually going to link this video in the description it just goes into detail on trying to find that right City so if it's something you'd like to look at check it out but after you do that you're going to go to that area and you're going to physically start driving around and seeing what's up where everybody is you're going to get a print out of all the big businesses in that area and you're going to make sure that you go stop over there and see how they are doing the next thing that you need to understand is the demographic changes every mile that you drive in that city or town that you're
• 01:30 - 02:00 looking to put your New Concept in so do not look at the city's demographics look at certain specific areas demographics especially in a place like we are right now Houston Texas every 3 miles some craziness really changes you can go from $75,000 a household to $225,000 a household just because you moved a mile down the street and you got to make sure you're rerunning your demographics every time you look at a new area another rookie mistake or common miscon deception is wow there's
• 02:00 - 02:30 not this type of product or service in that area so it must not be good for this area or there is a product or service in this area that's like what I'm about to do and I know it's going to work because they're here just because something is or isn't in a place does not mean it will or will not work be careful with this just because there's a Jamba Juice doesn't mean that that location is going to do great if you put something else like a main squeeze near it in the event that there's a a Planet Fitness somewhere where it doesn't mean
• 02:30 - 03:00 that it's going to Boom if you put your project fit right next to it so watch out for this make sure you do your own research make sure that you know when you get into business it's war and you want to make sure you give your best opportunity for Success like I've said several times in this video by making sure those demographics are right and you pick the right location and not worry about really what everyone else thinks so the next thing I'm going to talk to you about this video is actually the demographic and that way you can see what I'm really talking about and what you need it to look like when you get
• 03:00 - 03:30 with that agent or whoever is going to leas you the space so I also will give you a pro tip here always go with an agent it doesn't cost you a dime to actually get that agent to do that you have somebody that has your back you have somebody that's going to make sure you know you know the right ends and outs of the area they're going to be very familiar with the area and they're not the landlord of course the landlord will rent you the space they're going to give you a better deal without the agent but truth be told they'll give you the exact same deal with the agent cuz they're used to paying the fee all right so this is my actual demographics you're going to see them on the screen uh but
• 03:30 - 04:00 right here it says 3 m radius 70,000 people 5 m radius 184,000 people 10 m radius is actually 680,000 people and it shows you projected population that's going to be growing so you want to be in an area that's upcoming it's growing another thing to look at average household income so in that 3 mile radius with that 70,000 people I have $130,000 of household income uh in those houses when you go to five miles it's going to dilute it more more people it's going to bring your averages down right not everybody makes this
• 04:00 - 04:30 a ton of money a year so it's going to always average out so and that 184,000 people they actually make $177,000 $427 and when you go to the 10 m radius they're still well above $100,000 a year which is very good this is a very solid area that is going to produce a great demographic for your business they have that disposable income so the population is there the income is there let's see a few more things to see if it's uh the right place for us so another solid thing for you to look at is the daytime population you want to make sure people
• 04:30 - 05:00 don't just live there it's not just a kvasac or a suburb so understand daytime demographic is super key you want to make sure people actually work in the area that you have your service or product so for instance this daytime population is actually 35,6 190 uh and then actually when you go into that's the 3 Mile when you go into the the 5 Mile it's 990,000 and when you go into the 10 Mile it's 426,000 so this is a place where not only people live and they like to sleep but they also work during the day so that's actually a population uh for what
• 05:00 - 05:30 your business or service would need to be able to sell and Thrive and the last thing I would look at aside from driving around with your real estate agent and having a a map of all the businesses in the area so you can kind of check out what's going on over there but the last thing I would look at is this right here monthly household consumer expenditures you can see as a group how much everybody's spending on things that are similar to your product and service and this whole packet actually comes from my agent so if I don't find a place he doesn't get paid and don't spend any
• 05:30 - 06:00 money and I get a lot of great useful tools to make sure I'm making that right decision for a business to not become a statistic and actually be something that's going to last for many many years to come so now that we have our plan together of how to find our business and how to find that location and how to make sure the demographics work let's talk about ease of access visibility and just how easy is it to actually find right so you want to make sure are you in a a certain area that's up and coming are you in an established area are you in a town center so for instance this
• 06:00 - 06:30 shopping center uh is very nice it's in the exact demographics that I've just showed you uh population there everything's there but let's see how easy it is to get in and out of it it's beautiful it looks great it's filling up but it's on Highway 6 with a traffic count of 56,000 cars a day so that demographic is super strong to be on Highway 6 with all that traffic however there's not a red light so I have already done this a few times I'm going see how it goes today and and chances
• 06:30 - 07:00 are it's not going to go very good so here we are on Highway 6 Now understand this has a huge huge traffic count of 56,000 cars per day all that being said I'm going to show you to the next location and uh it's got a red light it's got everything that you could possibly want the same traffic h on the same street just literally .5 miles down the road and I think you're going to see a big difference so right now you're seeing Highway 6 on Sunday at 6:30 so
• 07:00 - 07:30 the traffic kind of picked up as soon as we pulled out might have just been a little fortunate but people are zooming past us they're going to their homes they're they're tired they're they're done with Sunday Funday and to put that in perspective where I live in Lake Charles Louisiana our traffic count on our interstate is only 42,000 cars a day that's a main highway so you know it's a big difference so let me show you right here why this one matters so this is actually the shopping center you've seen in many videos for me I purchased it it's where my newest main squeeze is uh
• 07:30 - 08:00 and I think you've you you've either seen that video or you're going to if you hav it Link in the description below but right here we have an A Redlight so now not only do I have a way to be able to get in and out of my actual store or shopping center or place that I'm going to put my good or service but I'm also going to have this business card where while I sit here at this red light and I look to my left or if I'm on the other side and I look to my right I'll be able to see my business so if literally 56,000 people come here how many people
• 08:00 - 08:30 are stopped at this red light every day 15 to 18,000 I would assume so basically if 7,000 people are stuck at this red light every single day they're going to look to the left or if I'm on the other side look to the right and see my business so it works out great I have ease of access to it so let's go ahead and see a little bit more things about this uh to see if it uh checks all the boxes so I will tell you this shopping center uh has less parking than the other one does there's a lot of businesses here and they tend to use these spots uh in the front cuz they don't have a lot of places to park in
• 08:30 - 09:00 the back so it's really tight when it comes to parking but when it comes to ease of access that right location you got the big traffic count you got the population and you have that red light that allows people to one sit there and see your stuff and two be able to actually come and visit your actual place of business that does your good or service so all that being said I'm pretty sure I've given you a ton of information of showing you how to make sure you find that right location for you and your business uh I hope that you enjoy this video If you did enjoy this video please consider subscribing and uh
• 09:00 - 09:30 hope you'll be staying tuned cuz we got a ton of really good content coming for you real soon see you later [Music]