5 things to consider for a business location
There are so many things to consider when starting a business. But fundamentally, there are some things which make up the basis of it. After deciding on the nature of your business, considering a business location comes next. What type of location you’re looking for? How about the traffic and accessibility? These are the necessary things to consider before you even think about the design of the store.
So what should we look out for in location hunting?
So here are some briefly explained points:
Your business/type of location
Yes, obviously. Your business nature, and what suits it. A little shophouse boutique or a daycare center next to the park? Does the nature of your business require a quiet environment or getting as much traffic as you can is the priority?
Spaces right next to the escalators/exits & entrances naturally gets the highest traffic. In relation to the first point, getting a space that’s away from the natural flow of traffic will be ideal if you need less noise and more privacy.
This can be utmost frustrating for both you and your customers/clients if not done right. It can also put people off patronizing your business. I certainly do not want to visit someplace that requires me to switch buses or trains multiple times, only to realize that taking a cab was my best bet.
Who are your neighbours? Are you selling the same products or offering the same kind of services? Who has got better prices? Brainstorming and making plans to counter-offer will be time consuming and so to minimise that, getting a place with less competition would help a lot. Having a niche business will be surely be helpful. If you’re the only one in the area providing certain kind of services or selling certain products, chances are people looking to you for your specialty.
Overestimating your budget is never a good thing. It is crucial to allocate your expenses properly to prevent ending up in debt. Focus on affordability first, remember you can always do an upgrade after the business picks up. You will thank yourself later on. Control your budget wisely. If you save on rent, you can spend more on other things like marketing and the interior design/decoration.
We hope the above can help you a little when making a decision for a business location. Enjoy the process!
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