Choosing a business location is a very critical decision, either you are a small business owner starting your business or a big one looking for a new branch. And no doubt, this decision is a hard one! One needs to check various factors before finalizing any location, as itplays an important role in any business growth. Here are some tips for choosing a perfect location for your business:
1. Determine your needs
- Who will be your customers: Think about people that constitute your customer section. Then, connect your business, whether it is a retail shop where actually customers visit or you are going to do more of an online or appointment business. Accordingly, select your location.
- Proximity: It must be within the reach of people you are looking for as customers. Also, location must be like that your suppliers can reach you easily.
- Image: Location site must be well consistent with the brand image you are supposed to create.
- See Around: Other business are complementary or competing. This is an important issue to figure out.
- Employee: Is this area can provide you potential employees or not. Any business runs through his employees and labor, in addition to money you invest.
- Safety: Area must be safe. Seriously enquiry about the crime nearby. There a risk of threat to employees, customers and you as well.
- Growth Scope: Always give a thought to future of your business. You may like to increase your business and so, see for extra space and other scope at the location.
2. Know your Business
- One should seriously check whether the location is going to fit with the kind of business you are going to do. There are several factors regarding this issue:
o Use of natural resources and their availability.
o Delivery of raw materials. Multiple options (parties) must be within your reach. And, yes means of transportation and its probable cost.
o Check if your business involves use of chemical resources or there may be excessive noise. That might fall you down in zone’s restrictions.
- Population trends: Before setting up your business, estimate the customers you are going to attend. Accordingly, choose a right location.
3. Total cost
- On Rent or Purchase: Many businessmen take their office sites on rent and others may buy the land. Basically it depends on your budget and your business stand in the market. Some big companies have good operational budget and so, they see profit in buying the location. You may be in the starting period and hence, don’t want to be devote a big part of your budget in purchasing.
- Hidden expenses: Switching to a new location always brings hidden costs. You may need to spend a handsome amount of money from your budget for construction, renovation etc.
- Start from bottom and reach the top: Try to take as less as possible through debt during the start. It may mean a big trouble to your life in future. So, select an affordable location.
So, remember these tips and have a prosperous business ahead!
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