Aside from an excellent marketing plan, your business location is one important aspect that you need to seriously consider for your new business venture. Your business location is where you conduct business most of the time, thus this should be the best and the right place to ensure success. Choosing a location for your business goes far beyond the aspect of price and space. There are number of things that you need to carefully look into.
Know the Need of Your Business
The needs of your business can easily be identified if you are already decided what particular products to offer. The following questions will help you come up with specific criteria:
- How large is the place that I need? Do I need a room or a whole building or a building and an open space?
- Are my clients coming over to visit the place?
- How many anticipated walk-in clients will you have every day?
- Does it need to be in the busy street or populous place or should be in a restricted area?
- Will it be accessible to your stakeholders?
Identify Your Target Market
You need to know who will be your target market. Is your product viable to certain group of market? After you identify your possible clients, you need to consider the trend or the in-flock of the population around. Does the people around consist the greater majority of your possible customers? Maybe visiting a government agency that can provide you of the concrete and helpful demographic data will help you a lot. From there you will know if the people around will be your potential customers or potential workers. With this knowledge, you will know if your business is feasible or not as far as your target market is concern.
Accessibility of Your Business Place
Whatever your business is, this criterion is irreducible. Your business should be accessible to your customers and your stakeholders. This includes the traffic aspect, whether foot or automobile. If your business needs parking spaces for your client and customers then your location should include substantial parking area or at least a space near your location where the customers can park easily for free.
Conduct Feasibility Study
This will help you determine if your product or services being offered suit the need and the taste of the people around area. If it doesn’t, then maybe you are in the wrong place. It is important that your business should address the need of the community around. Your study should also cover the scope of business competition around the place. Will your business survive in the given competition?
Assess the Price
How much does this place cost you? Can the cost compensate with other advantages the location can give to your business? Remember, no matter how well and perfect the place or location is, if the price is very high then you might end up doing business for nothing. You will later realize that you do things not for your benefit but for the benefit of the place owner alone.
Featured image License All rights reserved by BostonCityWalk