The ways for choosing the location of your business

Re: The ways for choosing the location of your business

Hello friends

Where should you locate your business? One expert will tell you location is absolutely vital to your company's success; another will argue that it really doesn't matter where you are-and they're both right. How important location 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.

If you're in retailing or if you manufacture a product and distribution is a critical element of your overall operation, then geographical location is extremely important. If your business is information- or service-related, the actual location takes a back seat to whether or not the facility itself can meet your needs.

Regardless of the nature of your business, before you start shopping for space, you need to have a clear picture of what you must have, what you'd like to have, what you absolutely won't tolerate and how much you're able to pay. Developing that picture can be a time-consuming process that is both exciting and tedious, but it's essential that you give it the attention it deserves. While many start-up mistakes can be corrected later on, a poor choice of location is difficult-and sometimes impossible-to repair.

Thanks for all friends

Re: The ways for choosing the location of your business

Hello,

you have shared a very nice information. Always keep sharing information like this.

Thank you

Re: The ways for choosing the location of your business

Hello
One of the basic concepts taught in almost every introductory marketing course is The Four P's: Price, Product, Promotion and Place. "Place" refers generally to distribution, i.e., where your customer evaluates and ultimately receives your product or service. While this may not matter much for people who work virtually, or who run a business that drop-ships from a third party, it's critical for restaurants, retailers, and even many service businesses. Ironically, while "place" is often the most permanent of the four P's, it's also often the most overlooked.

Location is about more than just choosing a building. Perhaps for you, opening your business in your own town, or even your part of town, is a given. But consider the big picture:

* State - Income taxes and sales taxes vary greatly from state to state, as do regulatory requirements. Is the state you live in friendly to entrepreneurship? To the specific type of business you want to run? Now might be the time to consider a move if it isn't, or possibly to open your business in a nearby state if you live near a state line. The Small Business Survival Index ranks the various U.S. states on how friendly they are to small business.
* City - Rent and other costs, availability of labor, taxes, regulations and government economic incentives can also vary greatly from city to city, even within the same state. Or maybe a small town is the perfect spot for your business. Entrepreneur Magazine publishes an annual list of the Best U.S. Cities for Entrepreneurs
* Part of town - What kind of commute is involved? Is the part of town consistent with the image for your business? Rent varies greatly according to location.

Re: The ways for choosing the location of your business

Hello,
Thanks for sharing these nice and wonderful tips. keep sharing your information like this with us.
Chris

Re: The ways for choosing the location of your business

Hello everyone,

Apart from all you had metioned following things need to be considered while choosing the location.

# Your customers - It also has to work for your customers, or it won't work. No customers = no business.

# Your employees - This issue may not be as critical at first, especially if you don't have any employees yet. But the ability to attract and keep good employees will be affected by your location.

# Strategic partners - strategic partnerships happen more easily when the partners are local to each other

# Potential investors or buyers - potential investors looking at the long-term value of the business will see location as an important factor.

Re: The ways for choosing the location of your business

Hi

Every business owner must figure out how location will (or won't) contribute to the success of the business -- and choose a spot accordingly. Though there are many issues to consider when you're looking for space to house your business, make sure you ask yourself these four important questions:

* Is location important for the success of your business?
* What type of location is best for your business?
* How much rent can you afford?
* Is your proposed location appropriate for what you plan to do there?

thanks
Have a nice time ahead

Re: The ways for choosing the location of your business

Action Steps to Choosing the Best Location for Your Business

* Evaluate if the business you want to be in or want to have is dependent on 'walk-in traffic'. If so, then a better location, even if it is more expensive, may be more worth your while.
* Calculate how much more money is required to pay for the better location. Calculate if the expected sales or profits will be enough to justify the more expensive location.

Important Points to Choosing the Best Location for Your Business

* A high-traffic location is best for businesses that thrive on walk-in sales.
* A costly location 'pays for itself' if it ensures higher returns/sales.
* You can cut on other areas of your business so that you can afford a more expensive location.
* Even if a location is more expensive, it's resale value will increase anyway as your business becomes more successful.

Re: The ways for choosing the location of your business

One of the basic concepts taught in almost every introductory marketing course is The Four P's: Price, Product, Promotion and Place. "Place" refers generally to distribution, i.e., where your customer evaluates and ultimately receives your product or service. While this may not matter much for people who work virtually, or who run a business that drop-ships from a third party, it's critical for restaurants, retailers, and even many service businesses. Ironically, while "place" is often the most permanent of the four P's, it's also often the most overlooked.

Location is about more than just choosing a building. Perhaps for you, opening your business in your own town, or even your part of town, is a given. But consider the big picture:

* State - Income taxes and sales taxes vary greatly from state to state, as do regulatory requirements. Is the state you live in friendly to entrepreneurship? To the specific type of business you want to run? Now might be the time to consider a move if it isn't, or possibly to open your business in a nearby state if you live near a state line. The Small Business Survival Index ranks the various U.S. states on how friendly they are to small business.
* City - Rent and other costs, availability of labor, taxes, regulations and government economic incentives can also vary greatly from city to city, even within the same state. Or maybe a small town is the perfect spot for your business. Entrepreneur Magazine publishes an annual list of the Best U.S. Cities for Entrepreneurs
* Part of town - What kind of commute is involved? Is the part of town consistent with the image for your business? Rent varies greatly according to location.

Re: The ways for choosing the location of your business

Hello,
The information you have shared is really very nice and useful. These tips are genuine and practicle. Keep sharing your opinions on different business matters like this.

Thank you for sharing
Regards
sophie

Re: The ways for choosing the location of your business

Understanding the needs of your business is the first step in finding a location. Will customers visit your location? Do you anticipate walk-in business, or will customers call for appointments? Does your business make use of natural resources? How are your goods delivered? Does your business involve chemicals or excessive noise that might fall under the zoning restrictions? Make a list of your business-specific needs.

Re: The ways for choosing the location of your business

Keep in mind that different types of businesses attract customers in different ways. One key distinction is foot traffic versus automobile traffic. For example, if you're opening an urban coffee shop, you may assume your customer volume will be highest if there's lots of pedestrian traffic nearby during the hours you plan to be open. On the other hand, for an auto repair shop, the choicest locale is a well-traveled street where the shop will be seen by many drivers who can easily pull into the lot.

Also consider whether it would benefit your business to be around similar businesses that are already drawing the type of customers that you want. A women's clothing store, for example, would no doubt profit from being near other clothing shops, since many people shopping for clothes tend to spend at least a few hours in a particular area.

Ultimately, the perfect location for any business is a very individual matter. Spend some time figuring out the habits of the customers you want to attract, and then choose a location that fits.

Re: The ways for choosing the location of your business

Where should you locate your business? One expert will tell you location is absolutely vital to your company's success; another will argue that it really doesn't matter where you are-and they're both right. How important location 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.

If you're in retailing or if you manufacture a product and distribution is a critical element of your overall operation, then geographical location is extremely important. If your business is information- or service-related, the actual location takes a back seat to whether or not the facility itself can meet your needs.

Regardless of the nature of your business, before you start shopping for space, you need to have a clear picture of what you must have, what you'd like to have, what you absolutely won't tolerate and how much you're able to pay. Developing that picture can be a time-consuming process that is both exciting and tedious, but it's essential that you give it the attention it deserves. While many start-up mistakes can be corrected later on, a poor choice of location is difficult-and sometimes impossible-to repair.

Re: The ways for choosing the location of your business

Regardless of the nature of your business, before you start shopping for space, you need to have a clear picture of what you must have, what you'd like to have, what you absolutely won't tolerate and how much you're able to pay. Developing that picture can be a time-consuming process that is both exciting and tedious, but it's essential that you give it the attention it deserves. While many start-up mistakes can be corrected later on, a poor choice of location is difficult-and sometimes impossible-to repair.

Re: The ways for choosing the location of your business

Hi

You should also consider other things that can affect the suitability of a premises for the business, customers, clients or employees such as parking and delivery restrictions or congestion charges. Local authority charges and business rates for services including waste collection can also add greatly to the ongoing costs of locating in a particular area, making the premises less desirable.

You should also check whether local planning restrictions will allow you to use the building for the purpose you intend.

To decide what location is best, think about who will be using the building. Decide if you need to:

*
attract passing trade
*
be close to key suppliers, customers or related businesses - eg estate agents often locate in close proximity to others
*
make regular trips to the bank or a postal depot
*
have public transport links nearby

Thanks