How do I score two candidate locations?

To score two candidate locations, create a weighted scoring matrix based on critical success factors like demographics, traffic, competition, and rent, assigning points to each location for every factor.

•Identify Key Factors: List all essential criteria for your business, such as target customer demographics, daily foot traffic, competitor density, visibility, and rental costs.

•Assign Weights: Give each factor a weighting based on its importance to your business (e.g., demographics might be 30%, rent 20%).

•Rate Each Location: For each factor, assign a score (e.g., 1-5 or 1-10) to both candidate locations based on how well they meet the criteria.

•Calculate Total Scores: Multiply each location's factor score by its weight and sum the results to get a total score for each site. The location with the higher total score is generally the more favorable option. WhereToOpen.ai can assist in comparing these variables.