6 FACTORS TO CONSIDER WHEN CHOOSING A LOCATION FOR YOUR BUSINESS
Choosing a location for business is an issue most entrepreneurs approach with just a little seriousness.
Many, however, settle for a relatively cheap location just to cut expenses and others take it to be of less importance as far as their product is of good quality.
Be it as it may, a good location is very critical to the growth and success of your business.
Before you begin the ultimate search for a business location, you should have a visual map, a clear picture of what you have at present and what you want to have in future.
A visual map or a written guide that begins with where you are now, not where you've come from, is necessary to help guide you toward picking or choosing a business location.
Location is far more than just choosing a building. As an entrepreneur, it is advisable that you move away from the smaller picture, the way people see it to be, and look at the bigger picture, the more realistic way!
Consider the following factors when choosing a business location:
1) ' Location relative to other businesses': Will siting or locating your business close to businesses that draw a similar troop of customers help yours? If yes, it will be advisable to do so.
Take for instance, siting your sporting goods store next to a gym or a football pitch might actually be favorable for your business.
2) ' Demographics': This undoubtedly is one factor that should not be overlooked or neglected. Demographics has a big hold on your choice of location for your business.
The type of output or services your business renders and the state of your clients plays a delicate part when considering a location for your business.
You must put into consideration who your customers are and how close they are to your choice of location. Also, you need to consider your community. Does it support your customer profile?
Let me provide you with an illustration: Let's say you're into books and stationery business. That simply tells you your demographics should comprise of students. So your best bet of a business location should obviously be around or within a school vicinity.
3) ' Image and history of the location': What's the address or location saying about your company or business? Be sure your business location befits or accurately reflect the kind of image you want your business to portray.
Also, the history of the site or location is very important. Consider how it has developed or advanced to the current state over the years. Make the necessary enquiries from people around, ask about old or previous tenants.
If you're opening a fuel or gas station where countless businesses of the same kind or of similar origin have failed, you definitely need not be told to either back out or conduct a proper research on why they failed and weigh your chances of succeeding while doing the same thing in that location.
4) ' Accessibility': For you to really have a great deal of clients or customers, accessibility is not a factor to joke with.
How accessible is the location, will it be easy for your clients to locate you?
When it becomes stressful or difficult to access your business location, clients or customers would result to getting the services you render from other competitors and this definitely reduces the influx of clients and cuts your profit margin.
5) ' Nearness to raw- materials': Incase you are into manufacturing or production business, then closeness or nearness to the source of your raw -materials is definitely not to be taken lightly when considering a business location.
If your business isn't located somewhere close to your raw-materials, where it's easier and less expensive to reach, then transportation costs will ultimately marginalize your profit.
6) ' Distributive tactics': If your business doesn't really deal directly with your final consumers, then it will be very advisable to take cognizance of your distributive tactics or measures when choosing a business location.
RELATED POST: HOW CAN I PROMOTE MY BUSINESS?
The easier it is for clients to access your distributors, the better it is for your business.
Reading this might have solved the mystery you once had about your business. Therefore, it can as well help others. Do share it with them.