How to find the right location for your business

We often heard or read the saying that goes “location, location, location”. This simply means that the success of your business could largely be due to your right location. There is no harm in believing this; we all want a successful business, so we might as well give a thorough and careful thought where we should locate our business. So, how do we go about finding the right location?

If you are into retail of cell phones, for example, where should you be located? What type and cost of cell phones do you sell? What is the target market? Should you look for high foot traffic location for C and D market? But if you are in manufacturing, location can be a different matter. Here you should consider various factors such as accessibility, power supply, roads, water, and source of raw materials, workers and salary rates. There are really no hard and fast rules where you should locate your business, but some of most important considerations are as follows:

  • Demographics. Find out if the location can provide you a good customer base, plus the talents you need for your business.
  • Foot traffic. This is for retail businesses, the higher the foot traffic, the higher the customer base, and mostly likely the higher the sales, and therefore profit.
  • Accessibility. Is the place accessible? If you are targeting the high-income group as customers, is there ample parking space for them?
  • Competition. Are there any shops or other businesses in the area that vie for the same market you will target? Will there be enough demand for products or services that you and your competitors will offer?
  • Local ordinances. Are there any rules or city ordinances being enforced in the area that might affect your business? You also have to check the area’s zoning policy.
  • Building or mall facilities. If you are targeting a location in a commercial building or a mall, make sure the facilities are sufficient for you and other businesses in the area. As well, double-check your assigned slot in a mall to find out if foot traffic is heavy.
  • Growth plans. Will there be space to expand your business when the time comes?

Good luck finding the right location for your business.


No comments:

Post a Comment

Popular Posts