The location of an establishment can impact the success of a business and the combination of location factors would determine if the location you picked can work to your advantage. Which is why business owners should be careful before they sign any space lease or contract.
If you are currently scouting location for your upcoming business, you might need to take into consideration these factors:
- Accessibility
Accessibility and availability of transportation plays a major role on the success of your location and can either positively or negatively affect the growth of any business. For one, suppliers are always looking into business who have easy access to roads and major highways so they can deliver their orders to clients. Customers, on the other hand, needs to have easy access to stores so they can conveniently pay a visit to the brick-and-mortar store and make a purchase.
- Location of your target market
The target market is the bloodline of any business. Their purchasing power gives life to the business industry. To connect with your target market easily, a business location that is near to their premises. To be able to give a definite location of your market segment, a solid profiling of the market is needed. You need to thoroughly identify where your target market resides so you can choose the right location.
- Number of competitors
Placing your store near your competitors can work on both ways – it can either to your advantage or disadvantage. For one, you can have a share of their market to increase your followers or vice versa. But if you are currently on the look, you can consider where your competitors resides as this can indicate that they know the hotspots based on their market research.
- Availability of credible workforce
Your employees are essential on any business. They are needed to run the business and provide service to clients. The success of your business location also lies to your employee’s accessibility to the workplace. And if you are constantly hiring staff, it would be best to place your business near premises where you can build your talent pool.
- Amenities and facilities
The amenities of the business space is as important as other factors. Your business space should have proper amenities to provide convenience to customers and employees. Business owners should also take into consideration the proximity to important establishments where the basic necessities of the stakeholders are provided.
