I was walking in one of the remote towns recently and I noticed this one well-built mall. It had a secure car park, well-furnished inside, had all kind of businesses inside and looked classy and up to the required standards. The owner of the business had spent millions of dollars in bringing up such vast business empire into place. I was so curious to know how those businesses were performing and to my surprise, most of the people who owned businesses there we planning to relocate from that prestigious mall due to lack of constant clients. As I sat down to ponder about that issue, I realised that in business, the location is as important as the products themselves, the staffs and the marketing strategy. Location is not something that you can ignore if your business is to be successful. But what are some of the things that you should consider when choosing the location of your business?
You should look at the population demographics to know which people fall under your target group of consumers. Analyse your location to get information on the people’s traffic i.e. age, professions, the average income etc. You should also analyse the number of visitors coming into a certain location, how long they stay and their financial capabilities. This can be done at a small fee using location analysis tools.
If you find a place where more of your competitors are located, then this means there is a huge flow of human traffic. As a potential business person, you should take the advantage of the large human traffic and use your unique marketing strategies to draw more clients to your store. However, if the competition becomes too stiff for you, then you can always relocate.
Make sure that you are located at a position where the front and entrance of your shop are visible and open to the general public. Depending on the kind of your business, you should be keen on the type of business near you as they may have a direct impact on the flow of customers on your business. For example, if you are operating a taxi, it will good to locate yourself near shopping malls and restaurants as you are able to come across a lot of human traffic from these areas.
You may have a good business with wonderful products, but if there is no good access to your business, then you may not make much progress. Lack of great transport networks makes it hard for customers to visit your premises and as such, you may not be able to make good profits. Businesses located near bus stops or train stations enjoy more human traffic and hence makes more money.
Ensure your area of operation is covered with communication networks, fibre optic cables and high internet services. Remember that you need good communication networks for you to easily communicate with your suppliers and clients.