Location is very paramount to the success of your business. It can affect costs and revenues.Choosing the right location means considering the following factors;
Factors like; age, occupation and lifestyle are important parameters. This will help determine if your target markets are in that vicinity. It won’t make sense to set up your business in a senior housing area when your products are for young kids.
It is equally important to check how safe your business location is. This will help you take necessary precautions or consider a new area. Checking the crime rate in a particular location is an important factor to be considered carefully.
- Access to amenities
You have a great product and service to offer but how accessible is it? Your customers should be able to access your business anytime. Factors like availability of bus stops, parking areas and gas stations are vital.You can choose an out of town location but be sure it is accessible by bus, car or train. You should also consider accessibility when you want to have employees. A bad location can make you lose employees fast.
Is your shop front visible? Is it close to the main road? Can it easily be located? People should find it easy to locate your business at any time.
When choosing a location, it is important to consider those around the area that offers the same thing you do. Competitors can be helpful. They can motivate you to improve on your products. However, if there are too much competitors in one area, you might want to consider checking a new location.
- Potential for growth
Are you starting a new business or looking to expand? A decision has to be made as to whether the location you are considering has the potential for growth. It won’t do to spend time and resources moving to a new place only to discover it offers no new opportunities and hampers growth. Will there be an increase in demand as time goes on?
- Location costs
Consider not just the rent but other costs like; building maintenance, utilities and security. Other additional factors like painting, redecoration and renovation should equally be considered. If you will be spending so much then it should be worth it.
- Personal factors
Every business owner should consider if the new location makes transit easy from home to your firm. It won’t make sense for your business to be so far away from your home except it is a branch. You should also remember that there might be rules placed on you as a tenant. So consider if these rules can work for you and won’t hinder your growth.
Every business has different locations that are perfect for its growth. So, pick the best for your business. Consider present and future goals while doing so. Basically, this is an area where you determine whether or not your business will experience success and maximum growth.