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How to pick your Business location
Imagine walking at a shopping center and finding a hardware shop or a cafeteria in the middle of nowhere? It wouldn’t just be strange but it would also give the impression of a wrong business location as well as fewer sales. A customer shops according to the popular areas of his respective shopping list, for example, if the customer plans to buy gold, he would choose an area that has many jewelry shops in one place. Hence it is crucial to choose the right business location.
Why is choosing the right business location so important?
You can shift or change your plans for your business, but once you have selected a business location it becomes quite difficult to change it again, why? Because you have already rented or bought a particular place and it becomes hard to move things again to a different location, hence it is a crucial step. On the other hand, the wrong location could mean fewer sales for you whereas good profits for your rivals or competitors. Let’s have a look at how to pick your business location
You need to select a location according to your business type. What is your business about? What is the product? Which location would be the best according to your product, what’s the trend in your industry? You also need to figure out the type, is it work from home, mobile, online, retail, and so on. A location would depend on the type of business, and hence it has to be calculated properly.
That’s what we are looking for right? All we need is exposure for our new business. One of the important factors to look for while selecting a location is exposure. Find out which is that one place that may give you lots of customers, or a location which has fewer competitors dealing in your field but high demand? Example: It can turn out to be an effective strategy if you start a restaurant in a posh area, which has many habitats yet very less shops in the surrounding. You can get a good exposure in such areas
It is obvious, you cannot select a location just based on its merit with your business, it should also be selected on the basis of your budget. It should be within your estimated budget. Choosing a potential location that could cause you money beyond your budget would be meaningless. You may get good business at such locations but if the rent of such places is high, then it would all count to nothing. Note this, after settling your business at a location, you are also going to have some extra expenses such as renovation, taxes, etc. So, choose wisely.
In this case, transportation means the regular supply of your products, raw materials, or anything you deal with. A location that makes your supply chain too far off can cost you money and a lot of delay in time. It is more feasible if your location is near to all your supplies and vendors.
Easy to reach
Choose a location that is easily accessible, even for you and in case you have any staff, then even for them as well as your customers. It is always a good thing to have your business located near your home, and it is also good faith to have your staff selected on the basis of their location. It is a far-off point yet, even in case of contingency it would be more useful to have your business location nearer to your house.
More Demand, less Competitors
You will have to carry out extensive research to find the ideal location. You can do that on the basis of a place where there is a good demand for your product, a place where the audience or, it is more recommended to choose an area with less rivals. Compared to a new start-up, they are already well established and favored by the consumers, hence a prime location with less competition could turn out to be very useful for your business and also as an opportunity to capture the market with your product or brand.
As easy it may sound, you will need a lot of effort to choose the right location. Choosing a wrong location may become a fatal mistake, as mentioned earlier it is very difficult to relocate your business to some different area and starting again, it would be a wise decision to spend a majority of your time in figuring out a good location as per your budget with the above factors in mind.