Monday, October 19, 2015

Selecting Right Location for Your Business

Selecting right place for business is very essential to make it a success. Selecting a business place is one of the major decisions when you start a new business. If one ends up in a wrong location then it may have devastating consequences. Selecting a business location depend on the nature of business.

Some businesses depend more on a particular location than others. If the nature of your business is such where you deliver your products to the customers and they do not need to visit your place then you can have a cheaper place with fewer facilities or even can do it from your home. In case you plan to open a shop or a restaurant then there are many factors regarding location, you need to consider. Some of them are:
  • ·         Availability of sufficient customers in the area
  • ·         Easy access
  • ·         Easy to locate
  • ·         Availability of Parking Space
  • ·         Affordable rent
  • ·         Size of the premises
  • ·         Space for storage & future expansion
  • ·         Availability of employees / labor in the area
  • ·         Competitors in the area
  • ·         Easy access for suppliers to make delivery
  • ·         Location should be in accordance with the type of potential customers
  • ·         Utilities connections at the premises

In case you plan to start a farming business or manufacturing businesses then you have to make sure that your premises is:
  • ·         Close to main highways so you can easily send your product to market.
  • ·         Also, it should be close to a bus / train station/ airport in case you plan to ship out of town.

Above is a brief write up on selecting right location for your business, I hope it will give you an idea what to look for in an ideal business location. Please feel free to comment.

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