In business, location plays a vital role. It’s as important as the business itself. It determines the success of the business, to a large extent. It necessary to put location into consideration while carrying out business feasibility studies. Every local is in one way or the other good for business, but a location can be good for one business and bad for another. It depends on many factors. It is unfortunate that many start-ups over look this aspect when starting a new business.
Things To Consider When Choosing A Location For Your Business
1. Style of operation
Is your operation going to be formal and elegant? Or kicked-back and casual? Your location should be consistent with your particular style and image. If your business is retailing, do you want a traditional store, or would you like to try operating from a kiosk or booth in a mall or a cart that you can move to various locations? You don’t situate a casual business in a location where corporate business are located, it won’t thrive, except you are to render services to the corporate businesses — if your targeted customers are the corporate businesses that require casual services.
2. Demography (Targeted Customers)
You are your expected customers? Where can they be found? You need take your business to them. It will not be ideal to locate school in an industrial area. If you are selling school or educational materials, your business should in an area where there’s school.
3. Foot Traffic
For most retail businesses, foot traffic is extremely important. You don't want to be tucked away in a corner where shoppers are likely to bypass you, and even the best retail areas have dead spots. By contrast, if your business requires confidentiality, you may not want to be located in a high-traffic area. Monitor the traffic outside a potential location at different times of the day and on different days of the week to make sure the volume of pedestrian traffic meets your needs.
4. Accessibility and Parking
Consider how accessible the facility will be for everyone who'll be using it — customers, employees, and suppliers. If you're on a busy street, how easy is it for cars to get in and out of your parking lot? Is the facility accessible to people with disabilities? What sort of deliveries are you likely to receive, and will your suppliers be able to easily and efficiently get materials to your business? Small-package couriers need to get in and out quickly. Customers who come with cars will always like to go to where parking lots are available. And you know what? These kind of customers are the big fish.
