Among the very many vital decisions you as an entrepreneur must routinely take in the course of your business activities, the choice of where to locate your business is readily one of the most important decisions.
Many business development experts always advise entrepreneurs to be extremely cautious when deciding on the locations for their businesses.
When the decision on project site is wrongly taken, the chances that such a project will prosper are severely limited.
If you are able to take these 6 factors into account when arriving at the decision where to locate your project, chances become very bright that you will arrive at a well-informed decision.
That alone could even be sufficient to prosper your business instead of hampering it.
01.
Easy Accessibility.
The easier it is to locate your business, the higher the chances of good patronage.
You must therefore make conscious efforts to ensure that your customers can easily get to your business premises without too much stress.
02.
Safety and security.
No one wants to do business in an unsafe environment.
The safer your business premises therefore, the more comfortable your target customers will be to do business with you.
03.
Nature of the business.
The type of business you want to run plays a major role when deciding where it will be located.
That is the idea of shopping malls.
You will notice that in malls, same or similar types of businesses are mostly found in the same sections within the mall.
04.
Target customers.
Who are your customers? Getting your business located where your customers can easily access it is always a very smart thing to do.
The key here is high visibility and easy access to your target customers.
That is largely what usually provides the attraction for them to do business with you.
05.
Financial implications.
What you have and are prepared to expend to get a business premises is vital in arriving at the decision on location.
Everyone is in business to make money for themselves and not to make money to expend completely on business premises.
Financial considerations therefore play a major role in arriving at the decision where to locate any business.
06.
Location of competitors.
Yes indeed!! You must keep an eye on where your keen competitors are located before you arrive at your own decision where to be.
The idea is to position your business in such a way that it will have the ability to compete favorably.
The way you locate your business in comparison to your competitors may even provide the business the competitive advantage over its rivals.
There is no doubt that choosing a location for your business is always a very complex decision to make.
Even with this complexity, it is always best for you if you get it right otherwise, you could get your project into the kind of mistakes that may never allow it to prosper.
When these 6 factors are carefully weighed and taken into account in making that very vital decision about where to locate your business, your chances of getting it right become very bright.
As an entrepreneur, you will be doing yourself a lot of good if you can take all these factors into consideration when making the decision about where to locate your next project.