BUSINES LOCATION- HOW IMPORTANT IS IT?
Not until you get that good place for your business, you are not yet on business. Do you think location is not important in your business as making sales? The truth remains that location is very important, as it does not only boost sales but increase your status over that business you are known for.
On a chat with a friend a day before writing this post, he said he is considering opening a stationary shop within the street as there is no such shops around the area but I asked how many schools do we have within, his question was three different schools with each a minimum of 300 students.
If you are in his shoes what will you do? Will you go into it or will you look into other areas that have stationary shops and about ten to twenty schools with each more than 5000 students. This is where location in your business comes in.
No matter what business you are into, here are some vital point in locating you business for success:
WHY DO YOU NEED A BETTER LOCATION IN YOUR BUSINESS
Business is not all about making sales but building reputation and developing a strong and better relationship for future reference. If your business is not situated in the right place, you lost sales and know that for every sales you lost you lost, you lost success as well.
Location in business helps you increase your sales. A better business is located in a better place that helps build up sales. For instance, it makes no sense to site a recreation center in a low populated area, as it will not yield in more profit compare to when it is sited in high populated states.
Think about buyers affair when it comes to locating your business, don’t fix in your business where buyers will not enjoy flexibility. I wonder what an electronics show room will be doing in an area full of undergraduate and students instead of an area filled with working class people.
Reputation in business is built on awareness creation. Nothing happens in your business until people know about it. Advertising alone is not enough but with the appropriate address, you are suit for business.
HOW DO YOU LOCATE YOUR BUSINESS
How do you know how to locate your business and why do you want to re-position your business? These are questions you should ask yourself before diving into the sea of repositioning. Consider these points before repositioning, If you find them, I advice you stop as some business sometime get slowed but if you did not find them, then it means you need a shift.
Market Demand: There is no business without demand and until you find the appropriate buyers you won’t make as much sales as you want. Look out to you business and see if the market you are into have demand, one good way of doing this is to check out your competitors list of sales if any.
Are you a manufacturer. Ease in the supply of your products is a better way to know if your business needed some shift. Some producers spend heavenly on transportation, the transportation of moving raw materials. This should not be the case instead while not moving the company a little bit close to the source of it produce.
Sales volume. With the look out of things in your business, you discover that sales has never been the same as to how it is for the past three to four months, consider checking out your fellow competitors to know if they do experience the same circumstances with you. If they do, then you needed a shift of that business to a place with lesser competition.
FACTORS THAT HELPS YOU IN LOCATING YOUR BUSINESS
In locating your business, below are factors that can help you locate your business to success. Note here that this factors are considerable points.
Population : High dense populated area is not the same with low population area. Businesses suited in high populated area tend to do better than businesses suited in low populated area. This is because with much people, demands are broad and very wide, probability is that you make more sale compare to if your business is sited in a low populace area.
Market demand of the product: There will be a shift in business if demands decline but sometimes this is applicable to seasonal markets.
Access to business transactions: Businesses void of transactions are limited to growth. Small business owners that operates on the platform of buying and selling are a good example in this case. If your business needed the operation of a banking system to operate and it is situated in areas with no banks, then, you should consider shifting that business to a better place that have banking system.
The benefits of locating your business in a good location are limitless but above are but few of the million ways to reap from giving your business the privilege to be in a better position.
Popularity: 25% [?]
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Hello,
Where are you from? Is it a secret?
Thank you
Ivan
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Hi Ivan,
I am glad you asked such an interesting question. This shows you care.
Well, i am from Nigeria,Western part of Africa.
Thanks
You are welcome
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I agree with Clet that this is a great question; to answer it, it’s vitally important. Reports from the likes of the Small Business and Entrepreneurship Council showing the best and worst states for entrepreneurship based on a variety of factors including tax rates show this to be the case. One other indicator: states where a majority of winners of The Wall Street Journal and Winning Workplaces small business competition are located, as shown on the map here: http://bit.ly/7hmd61 The takeaway is that California, Illinois and Massachusetts have large populations of job candidates that favor employers that take good care of their workers. This in turn factors into higher customer satisfaction rates.
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