This is an area or a place that is suitable for a given type of business, product or service. Any successful business person must research and know whether the area that he intends to establish his business is suitable for it. Or else, the business will fail even before its commencement. Many people have severally failed for not doing business research, being in the shoes of whom they intend to reach with either their products or services. This will lead to wastage of time, money, and resources.
Location is something that must consider before introducing your supermarket, restaurant, or even a shop. It should at the top of you do list.
Imagine taking a grain kiosk to a place where everyone grows grain after being offered by the government at affordable price. Will it make a profit or immediate loss?
Making a determination of a perfect place for your business can be as easy or as complex as make it.
We can look at the things that we should consider in finding the best location for our businesses
Research in different locations
It is advisable to do your research location in more than two places. With different data reports, you will be in a position to make the right decision of the best where you would want to locate your business. Not having comparison can fail you because you will in that the one you targeted for research is the best while we have a place that is greater than that
A well known, populated location can also help in attracting people from different areas.
Safety is of paramount in a target location since you cannot take your business where the whole store will be empty the second day because of theft. You cannot also risk your life by denying the fact the area you intend to start your business is full of armed robbers, hence there are specific hours that you cannot walk in or out of your business freely.
Your business should be secured 24/7, whether you are around or not. You cannot overlook profit making or traffic over security.
Rent is an important aspect of starting or running a successful business. Before you make a move as a business owner you must be sure to maintain rent payment. Remember that sometimes our business does not shoot at once; this means that we must have enough backups to pay rent until the business can sustain itself. Many mistakenly go into business with the expectations of their businesses becoming successful the first month. Yes you can make it within one month, though 80 percent of businesses established goes down within the first month because they have no funds to pump into it.
Think of a lorry carrying your goods into you business premises. Will it access or you will use extra amount to hire people to carry them? What of your favourite customer who always drove to your previous work place, will she make it without fear of security and car breakage?
These are some of the most paramount questions to ask yourself before taking any steps into your considered favorable area.
Local labor market
Any great entrepreneur must think of the local labor market, in case business increases or want to hire a person to help in running it.
A business in an area should have a resident of the area because with this your business can build itself fast because the area employ already have friends and neighbors of whom he can invite into your retail shop. This also makes communication easier, in case that your target customers do not speak your dialect.
Having a local employee will create trust among the community members and your business. They will see you as a kind and progressive individual with great heart.
Find you customers
Think of how you will connect to your customers and present yourself and your brand to them. Finding your target customers will help during marketing and road shows since you will not waste your time and resources on the wrong clients.
You should have in mind channels and ways of communication in that specific place. Do they often use local radio stations? Is publishing news letter for them necessary and the best ways to make them aware of your target price policy and your offer?
Observe your competitors
Knowing your competitors before starting a business is important aspect of either withdrawing or developing an entrance strategy into the market. You must sturdy into details their strengths and weaknesses, what is unique about them, their innovations and expectations from the buyers.
Observing them will work to your advantage because you will positively adjust for competition.
Remember that no man is an Ireland; we need our fellow human beings to survive. Look whether you can get like minded partners with the same business or doing a different business but with the same vision as you. Creating partnership is a way to build confidence and a friendly environment for you, them and your customers
Good partnerships and relationships mean growing together.
Taxes and Regulations
Location of a business determines the national and the local taxes that owners have to pay and regulations which must be followed. Income tax and sales tax rate vary from an area to the other which can have a significant impact on business owner’s earnings either negative or positively.
Utilities and Services
There are things that you have to have in order to have a successful and you must consider them. These are things like; electricity, water, phone either land line and if mobile then access to network, internet, and transportation.
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You must always remember that the choice of your business location is very important, for it will significantly affect your income, expenses. This can also help in becoming more innovative, for instance, with great access to internet, you can start an online business too.