Many people are planning to establish their own business. From starting a firm to making it sustainable and successful, a lot of efforts are required. There are various factors that effect the business' operations. An entrepreneur should carefully take decision on all such factors to ensure long term survival and growth of the start-up. One such important factor is the location of the business establishment. Selecting the appropriate location for starting the business is a tedious, time consuming yet crucial in development of business. Want to Design a Suitable Logo for Your Start-Up? Follow These 4 Tips to Make Effective & Attractive Logos.
There are several factor which influence the decision of selection the right location for your business and should be taken into account while picking up the best spot for the start-up. Here are four factors that an entrepreneur must consider before zeroing down on a place of business:
Nature of the Business
The nature of business is an important factor to be considered while deciding the business location. If the start-up is focused on manufacturing, then the business should be located in the place which is nearer to the raw material sites, so that a regular supply of inputs at reduced costs is ensured. Similarly, if its a B2C set-up then the business should come up at a market place that is easily accessible to the potential consumers.
Target Market Segment
Another important factor to be taken into consideration is that nature of target market. If the start-up is youth centric for instance cafes, electronic accessories, it is advisable to open the business in a popular spot. If the business is related to education and stationary, places near the college campus would be right spot.
Foot Traffic
For any business a regular foot traffic is important. Without regular and consistent foot traffic, a business will eventually fail. If the business is based on a retail model, then heavy foot fall is important for its survival' Hence while selecting a location for the business, it is important to check the foot traffic in the area.Planning to Launch a Start-Up? Follow These 5 Tips to Select the Perfect Name for Your Business.
Location of Competitors
The location of competitors also has an influence of the location of the business. Ideally, start-ups should choose a spot that is near to the competitor's location to take advantage of its excess customers. It also helps to create awareness about the business.
Establishing a business involves huge costs and is a long term decision. It effects the operations and functioning of the business. Hence, the entrepreneur should be very careful while selection a appropriate location for the business.
