February 20, 2013

Small Business Location

Location is one of the important part of starting any business. How important this is for your new company depends on the type of business, the facilities and other resources you need, as well as where your customers are. Many new business owners are carried away  with starting their business and tends to overlook the need to look for the right premise.  A good site can attract a large number of customers while a bad location can hide you  from potential customers.  As business site can affect the business's image, so choosing the right place to set up your business site is vital to your success.

Regardless of the type  business you want to start, before you start shopping for space, you need to have a vivid picture of what you want,  like to have  and how much you're able to pay.  While many start-up mistakes can be corrected later on, a poor choice of a business site is difficult and oftentimes impossible to repair.

Here are some things to look at when choosing a location
Demographics: What kind of customers is your business seeking? Can you attract or find that kind of people there? Locate it where you can find the customers you are seeking for.

Competition:  If you have strategies to beat your competitors, sometimes it is wise to locate your business near them to take advantage of their promotional efforts which drive customers to your business.

Income level of the neighborhood: Can the people who live near your business be able to afford your products or services? If they have difficulty buying what you are selling and find them a luxury then you won't be able to make enough sales to turn the business a profitable venture.

Cost: You may find a site with attractive rental, if it is not easily accessible and the lack of necessary infrastructure for your business, it may not be a good choice. Paying more for a better premise will benefits the business for a long time to come.

Customer Convenience:  Having your business site close to public transportation can be much more  convenient for  customers and employees who don‘t have cars.  Choose a place where it is convenient for your customers to arrive and exit easily. Make sure there is  a  visible parking space near your business site.

Security: This is really important when searching for the right site. Is this a safe place for employees, suppliers, and clients? Avoid areas of high crime rate. You want to stay away from these area for the benefits not only your employee but your customers too. Choose a site where you and your customers will feel safe and secure.

Personal Consideration: How far do you want to drive to and from  your business everyday. Some factors like family, health, traffic etc, may prohibit you from getting a location in area that requires considerable driving time. In the case of an emergency it would be helpful to live nearby where you need to get to your business right away.

Remember, you should make choosing your business site decision not primarily based on what ,is the cheapest or the most convenient for you, but based on what is most convenient for your customers. As an entrepreneur, your customers comes first.