Whatever business you are engaged in, your success depends on a single most factor: Business Location. You would have read about several businesses shuttering their doors after few months of existence due to location issues. Choosing the right business location is a sine quo non in business process. Here are ten tips for doing that:
1. Traffic: As you know traffic relates to the number of people visiting and walking around a location for business transactions, window shopping or just for fun. Out of the traffic a certain percentage gets translated into real business transaction. The rest creates a pool of admirers or by-the-mouth promoters who spread good word around about a location. This helps business generally in building clientele. Hence, you must examine the quantum of traffic before you zoom in at a location
2. Business Potential: Evaluate economic trends in and around the area where you wish to locate. Is the area growing in terms of economy? It is no point you locate your business in places where there is no apparent growth. Still more important is the volume of business that is being done in the locality. For example, New York remains the best dreamed for location for any type of business
3. Area: Ascertain what kind of area you are getting in. If you go for hustle and bustle the location must be in the centre of city where you have more business rolling in. If you prefer silence and serenity an exclusive location gives you that added feel. Day to day business needs a location where several businesses are located in same area bringing more traffic and more deals. On the other hand if you are running wholesale business or industrial products you must search for a location in the periphery of city
4. Convenience: This is a multi-faceted factor. You have to appraise whether the location offers convenience to your employees, customers / clients, suppliers and the public. Convenience depends on several issues, chiefly, ease of approach to the location, conducive environment and availability of alternate routes in case of any emergency. Customers prefer to do business where they feel comfortable. For example they prefer a business that provides adequate parking facility with security
5. Transport: This factor relates to goods moving to and fro the business location. If you do not have a separate warehouse your current business location must be fitted with a store that is equipped to receive and despatch goods. When bulk good arrives from a supplier you need sufficient facilities to un-load, sort out and store these in orderly manner. Delivery of goods demands the same features with an add-on: you have to do this in timely fashion without any delay
6. Restrictions: Ascertain the type of restrictions, if any, that prevail in the location. Restrictions work in different ways. Begin your survey with zoning rules that restrict certain business activities and then proceed to local area rules regarding transport, parking, hours of business etc. If you eye a location in a shopping mall or supermarket, you have to check with the management regarding rules of business conduct. Finally, you must ensure that safety and security rules covering the location could be adhered to by you easily
7. Amenities: While convenience relates to the ease of business process, amenities are important for human welfare. You must tick the type of amenities available and the quantum from either the local authority or the management of a shopping centre. Amenities include, provision of water, sewerage, waste disposal, fire exits, fire hosts and many others. Additionally, you must review availability of watering holes where visitors can have drink or coffee unless you are going to provide in-house services
8. Reputation: Measure the fame and note of a location carefully before you do anything. Does this location is a reputed one where people want to do business? Many people get attracted to a particular location or shopping centre due mainly to its reputation and goodwill. Moreover, you have to look for competitors in that location. If they are doing well there is no reason why you cannot. Some locations are famed for a particular trade. For example, Wall Street is famous for finance. Therefore, if a location is the one most appropriate for your type of business then grab it
9. Cost: Finance is the ultimate arbiter. Can you afford the cost of having your business in this location? Check what the price of the location is, if you are buying it outright. For rent or lease see the amount of down-payment, deposit and monthly rentals. You have to find out the cost of amenities and convenience including parking facilities. You are not just buying a location you are taking the entire suite of the eight items described above.
10. Cosmics: Why cosmics? You will ask me. Yes, you need cosmics indeed. So far we have been concerned with utility aspects; now it is the turn for aesthetics to play its role. Cosmics arise from you as well as from the location. Your cosmics are aspects residing within you shaping and influencing you and your business though these are un-seen and un-noticed by you. Location cosmics relate to aesthetics residing in a particular location. I recently visited Kuala Lumpur, Malaysia to select a location for a business. After looking at few places I recommended one mall that had brilliant cosmic energy pervading and striking anyone who enters in.
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