5 Tips for Turning Your Business Expansion Plans into Hot Property 

The UK business landscape is constantly evolving and no doubt this year will bring its challenges too. But the prospect of expanding your enterprise into new territories is undoubtedly an enticing one. However, the key to success lies not just in the decision to expand, but in the careful selection of the right locations. 

Enter Location Intelligence—the indispensable tool that delves into the available data to uncover a wealth of insights crucial for making informed decisions. If you’re contemplating business expansion in 2024, here are five essential tips to consider. 

Beyond Price: The True Cost of Location

Finding the perfect place within your ideal market is as critical for your new location as it was for your existing sites. While property rent or purchase price is undeniably a vital factor to weigh, a savvy business owner knows that the true cost of a location extends far beyond monetary considerations. 

Tip 1: Utilise Location Intelligence to visualise and evaluate average footfall or drive-by traffic patterns in potential areas. Choose a location where your business can capture the attention of your target audience. Easy access and high visibility contribute to increased brand exposure and, consequently, potential customer engagement. 

Know Your Audience: Demographics and Demand

Understanding the demographics and demand in a potential location is paramount. Location Intelligence enables you to create precise customer profiles that reveal the life stage and wealth demographics of an area, ensuring that your business proposition aligns with the needs and preferences of the local population.  

Tip 2: Leverage Location Intelligence to assess the overall business environment. Ensure that the chosen location aligns with your business values and long-term goals, as this will have impact on the success and longevity of your enterprise. 

Traffic Matters: Footfall, Drive-By and Accessibility

Your new business location’s success hinges on its visibility and accessibility. Pedestrian footfall, drive-by visibility, and ease of access are critical factors that can make or break a venture. Location Intelligence provides the tools to analyse and understand these dynamics comprehensively. 

Tip 3: Use Location Intelligence tools to study the demographics of the surrounding area. Analyse lifestyle trends, income levels, and consumer behaviours. Ensure there’s demand for your product or service and assess the level of competition from similar businesses. Striking a balance between local demand and points of supply is key to thriving in a new location. 

Technology as Your Navigator: Data-Driven Decision Making 

In todays’ fast paced business world, data still remains king. But Location Intelligence empowers you with data-driven insights that go way beyond intuition. It’s not just about making decisions; it’s about making informed decisions that position your business for success. 

Tip 4: Embrace technology as your navigator. Invest in Location Intelligence tools that provide up to date information and predictive analytics. Leverage these insights to make strategic decisions backed by concrete information. In 2024, businesses that harness the power of data are the ones that will lead the pack.

Future-Proofing Your Expansion: Long-Term Vision 

Consider your business expansion as a long-term investment. Location Intelligence can aid in future-proofing your venture by helping you understand the growth potential and sustainability of a local area. 

Tip 5: Look beyond the immediate benefits and assess the long-term viability of a location. Use Location Intelligence to analyse growth projections, upcoming developments and market trends. Ensure that your business is positioned not just for success today but for sustained growth in the years to come. 

A Strategic Expansion Powered by Location Intelligence 

In 2024, businesses that embrace Location Intelligence as a guiding force are the ones that will not only survive but thrive. But success requires analysis, as only by considering factors such as safety, traffic patterns, demographics, regulations, and long-term sustainability, will you be able to position your business in a favourable new market or high demand location. A proven Location Intelligence platform like Periscope® is your strategic ally, giving you a comprehensive understanding of potential locations, and empowering you with the insights needed for strategic decision-making and targeted marketing. 

Periscope® allows you to visualise complex data sets to gain greater insights when location planning. If you’d like to explore how we could help your business, please contact us today or request a demo.