My daughter and son-in-law own a martial arts studio. They bought an existing studio that he trained at from the age of 3. He owned it for 10 years before they were married. She does the marketing for the business. She is currently getting her degree in marketing. The business was built solely on word of mouth and has had steady growth in the last three years. The location of the business gets no foot traffic at it is not highly visible or on a busy road, and the parking is terrible. An opportunity has come up for them to move locations. Six minutes up the road to a very busy shopping center. Besides heavier foot traffic with a Starbucks Wendy’s and subway, they would be moving in next-door to a dance studio, which has been there for 11 years. The rent where they are currently at is 1400 a month. The rent at this new place would be 3600 a month. My question is would foot traffic and higher visibility from the road being in enough business to make the move worth it? The demographics do not change from one location to the other, as they are only a few miles apart. The square footage is the same as the place they are in now. Truly the only difference is they would have more visibility from the busy road and foot traffic from the current tenants in the shopping center. How do you calculate visibility and foot traffic into future revenue to determine if the move is worth it? My daughter has packaged the idea up nicely to pitch to me for my blessing and possibly some financial help to do this. I want to know what are the thought provoking questions I need to be asking her?

  • ArtisanSignCo@alien.topB
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    1 year ago

    Higher foot traffic is definitely important. Parking as well. But physical marketing is arguably the most important. Yard signs and banners outside the business and around town are crucial. Get me in contact with the business owners, and I would love to help them out with designing some physical signage!