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Selecting the best location for your new business venture

It is the age of online businesses but for many business location still matters as they want to sell things from a brick and mortar shop. Even small business owners should be concerned about the first place where they start their office.

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Starting hardcore consultancy business in a domestic locality is a mistake. You may start from the garage of your home but soon enough you will have to find a better rented place for your office. Clients prefer to visit offices that are suitably located and easy to reach.

For some businesses it is their location which brings more customers, for example a gourmet coffee shop or a diner. In the following you will find some simple guidelines for finding the most suitable location for your new business venture.

First of all find out what your business needs

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You may have the skills and a brilliant idea for a business but without going out of your way you cannot hope to establish it. The location for your business will depend on the nature and needs of your business.

You have to consider if raw ingredients have to be supplied to the store or organization premises. You also need to find out the number of competitors in a particular location. The location has to complement the brand image you are hoping to establish. As a business owner you have to look for labor and talent.

Is there laborers and workmen available in the location of your choice and if not how fast can they reach your office or shop. If you have faith that soon your business will require more office space then find a building with vacant office spaces which you can rent later on. The rate of crime in the location and ways of commutation are also necessary factors that you need to consider on the behalf of your business.

Will your customers find you?

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Modern business owners are trying to build their own niche and serve a segment of a wide market. If you have already profiled your target audience and know about their lifestyle then it will be easier for you to find a location where your customers come often.

The pricing, packaging and other details of your business will depend on who your customers are. Choose a location where your customers will feel comfortable and visit the surrounding areas often.

It is a good idea to choose a place where there is already a business which belongs to the same industry yet is not in competition with your business. For example if you are opening a shoe store choose a location where women come to buy clothes often.

Study the demographic and psychographics

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Modern business owners must conduct thorough research before choosing a location for their business. Every location has a different demographic and it determines if your business will be successful in that particular area or not. Psychographic helps in finding out if a location of your choice will be liked by your buyers or not.

Cost, infrastructure and other factors

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The taxes you have to pay and the rent or purchasing cost of your office premises will also be a deciding factor. The infrastructure of the locale and other factors like traffic, municipality regulation and special permits required are also necessary factors that you will have to consider before buying or renting a location.

The right location can help your business in reaching the break-even point in no time. Consider different factors like charges, rents and availability of customers. Starting your business in a locality that does not match your brand’s image would be a grave mistake.

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Dr Prem Jagyasi (c)

Dr Prem is an award winning strategic leader, renowned author, publisher and highly acclaimed global speaker. Aside from publishing a bevy of life improvement guides, Dr Prem runs a network of 50 niche websites that attracts millions of readers across the globe. Thus far, Dr Prem has traveled to more than 40 countries, addressed numerous international conferences and offered his expert training and consultancy services to more than 150 international organizations. He also owns and leads a web services and technology business, supervised and managed by his eminent team. Dr Prem further takes great delight in travel photography.

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