Businesses that appeal to the local community need to be in the right location. Foot traffic is immensely important for businesses like restaurants and retail stores. The Triangle Area has so many successful businesses that have stood the test of time due to location and proficiency at their craft. The population of this area being so diverse is another benefit of living here. The following are the reasons why location matters so much for local businesses in the Triangle Area.
Catering To College Students or Regular Residents
Chapel Hill is a beautiful place but it is truly a college town if looked at accurately. Catering to college students might impact pricing as college students do not have much cash to spare. Restaurants in this area are reasonably priced and are often open quite late. Even with the consistent customers, the summers lead a number of restaurants to struggle due to students going home for the summer. Raleigh has North Carolina State but it is much more than a college town as there is a number of industries that consider this a hub.
Low Competition Near Your Location
A lack of competition can be great especially if you are running a specialty store, offer specific services, or serve a particular type of food. Getting the best food from a seafood restaurant usually takes being near the coast or having connections that deliver daily. The Triangle isn’t close to a body of water which means a seafood restaurant with fresh seafood has to make an honest effort to get deliveries daily. Low competition does not always guarantee success though as the lack of competition could be a result of a lack of demand.
Those In Real Estate Might Flock To Chapel Hill
Property management can be quite lucrative when it is done near Chapel Hill. The company could be able to handle rentals at both UNC-Chapel Hill and Duke University in Durham. The best property managers have ironclad contracts that protect the owners of the property. The ability to help tenants on the same day or with short notice can ensure renters sign a new lease. The last thing any property management company wants is a failure to rent out multiple properties before school starts in the fall.
Ease of Access
Being close to an area with a high population can be the lifeblood of small businesses. They might offer products or services that others offer but are conveniently located. People do not want to drive in rush hour traffic to a destination that is relatively far away. Potential customers might find businesses that provide what they need and then sort them by distance. A doctor’s office is the perfect example as some older drivers might not be comfortable driving long distances.
All business owners want their business to become a staple in the local community. The Triangle Area is expansive yet has an energy of its own. Each area has a different positive aspect to offer that others might lack.