The Rules of Acquisition #150 Easy to find shops and profits

By David Docekal, Editor The Hypercapitalist
@DavidDocekal

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Here is one of the most forgotten rules:

150th Rule of Acquisition: Make your shop easy to find.

Interpretation

Seems like common sense right? Well some businesses lack it.

Making things difficult for the customers who are trying give you money gives your competitors an edge. Customers seek out your business but they will only try so hard. If your business is off the beaten path, you can usually eliminate the chance of walk-ins.

Some businesses understandably choose a location based on cost of ownership or rental of the property. But you have to remember to find a balance. If a property seems to good to be true for the price, it usually is. You have to ask yourself “Why did the other businesses in this 100-year old-building fail one after the other? What makes mine different?”Implementation

This rule parallels another rule (#199 Location, Location, Location). The best way to handle an undesirable location is to balance it out with advertising and word-of-mouth. People will turn down that alley or side street if they know for sure what they’re in for. Again, you may lack walk-ins but that’s not the end of the world. Assuming you are providing a quality, much-desired product, the customers will follow.

If you choose a storefront that has high turnover, more than likely it is the location that is the issue (or it could be that the building owner is a douche). Either one is a possibility. Be prepared to compensate for a cheap property and make sure you have the capital to do it!!

And…..For the love of god…. Don’t overextend your resources!!

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