You need to put into Consideration your Business Location, this is one of the key factor of becoming a sucessful business person.
Before you choose a location for your business, carefully assess the right environment for your field, check the climate in the area, observe the condition before analyzing your discovery.
However, getting a good location is very critical to the success of your business but this can prove quite difficult because one of the challenges of starting a business successfully is getting a good business site and that brings us to the Factors to Consider when choosing a business Location.
Research different locations. Make sure you Gather information about the demographic and economic characteristics of the areas you’re interested in.
Find out about other businesses in the area. Other local businesses that might complement your business’ product or service.
Research your competitors. Find out where they are located and the type of premises they use to sell products and services.
Contact local councils. Find out more about the area, any future or planned development, zoning, rates and business activity in the region.
Consider the current and future needs of your business
Know your business. Understanding the needs of your business is the first step in finding a location. Will customers visit your location? Do you anticipate walk-in business, or will customers call for appointments? Does your business make use of natural resources? How are your goods delivered? Does your business involve chemicals or excessive noise that might fall under the zoning restrictions? Make a list of your business-specific needs.
Find your customers.You need to identify who your customers are and how you can best meet their needs. If you are moving a business operation into a new city or rural area, find out as much as possible about population trends there.
Availability of raw materials
If you intend running a manufacturing or production business, then the nearness or availability of raw materials is a factor you must not joke with when choosing your business location. If your business is not sited close to these raw materials, then sourcing and transportation will reduce your profit margin.
Nearness to market
The next important factor to consider is the nearness of your business to its customers. Are your customers resellers or end users? Answering this question will help you determine the best area to locate your business. Remember that for your business to succeed, you must make it easy for customers to find your product.
Availability of basic infrastructure
Availability of basic infrastructure can affect your choice of small business location. Amenities and infrastructure such as water supply, power supply, good road network and security are things to consider when locating your business.
The economic policy or system of a particular region may also affect your decision and choice of location. Some economy favor capitalists and others are driven by socialism; where the government controls all businesses. Other sub-factors to consider are government’s policy, fiscal and monetary policy, exchange rates, taxes, levies and duties.
Demographics as a factor can have a big influence on your choice of business location. The type of product or service your business offers and the status of the customers will play a vital in your choice of small business location. I will share an example:
Suppose you are into the business of selling stationeries. That means your demographics should be made up of students, so your best bet of location should be within school vicinity.