Tips for Finding Best Location for your Business

The choice could make or break, so it's always best to be open-minded and aware. Here are some advice:

• Know your business. Identify and understand the need of your business. Do your customers come to you, or do you have to go to them? If you wait on your customer to find you, it is best to have a location where they can easily find you, accessible from major roads, public transportation routes, and residential areas. If you depend on walk clients. Select a space with high pedestrian or drive by traffic such as malls, transit points, and downtown areas. Take into consideration where people come from and where they go. This determines if you can catch their attention as they walk past your store.
• Determine your costumer base. Who are your costumer and how you can provide their needs? Does your business target students, young professionals, office employee, or resident of the community? Will costumers come on foot, public transport, or private vehicles? Once you know who your costumer are, you can determine the ideal sites to find them.
• Ensure security and accessibility. Some business should be more accessible via public transportation routes, while others need parking spaces for private vehicles. Your location should also make your costumers feel safe, even at odd hours. Opt for location within lighted areas and safe communities with sufficient security.
• Be where the competition is. Look for areas where competition is doing well. It is likely that their existing customer base will try your products and services out of curiosity. Go with a location that can give you an advantage in gaining a share of the existing market. Be sure to study establishments in your target area to figure out if they can help or hinder your business.
• Maximize your budget. Get the best location you can afford. if you pick a prime location that will bust your budget, it might compromise the rest of your business. You should find out if your target customers can afford going to your location. Is there free and /or cheap parking available? Can people readily commute to your area?






• Study the demographics. Research the community surrounding your prospective location. Assess the age, income, buying power and lifestyle of the people who live or pass through the area. You have to know if the population is large enough to support your business, and if it is compatible with the customers you wish to attract.

Source: Entrepreneur Magazine