Everyone to an extent dreams of becoming a self entrepreneur and owning the business of their dreams regardless of their industry. After all when you own the business you become independent and do not have to obey the commands of others. Instead, you have the freedom to set your own goals and design your product or service. However owning a business is not something that can e dine with ease you need to make many important decisions when creating it. It is the most important one being the location of your business.
The location of your business can directly influence its profitability and could even be the factor that decides whether you can even survive your first year of operation as there are many things it can affect. Therefore here are things you need to keep in mind when choosing the location of your business.
Is it Easily Accessible to Your Target Demographic?
No one would travel 20 km to visit a new business. Therefore for any owner they should prioritize choosing a location that is near to their target demographic so that they will check it out and even make a purchase. This is especially true if you are targeting a niche demographic. As they may not even know of your existence unless you are able to actively reach out to them. So locating your business where the demographic is available is the best way to be able to gain their support and succeed. For example if you plan to sell kebabs choosing China town as the location for your business will most likely not be profitable because people who come to China town will not be looking to eat a kebab. A better location would be somewhere close to a neighbourhood with a good Arab population.
Is it Convenient?
As important as being close to your customers is, it is also necessary that you have other amenities which makes shopping in your business convenient for the customers. There should be enough parking spaces available and in case the area is prone to intense summer heat you would need shade or an umbrella outside. You need to see if these are permissible in your location. It also should not be located too far from suppliers. Delivery charges will add up to your costs and overall profitability.
Is it Going to be Expensive to Build in this Location?
Something many people tend to overlook is the building costs of the location. Sometimes a location may seem perfect for your business and you would be able to picture how pretty it would look. Based on this you may make a purchase online to realize that there is so much you need to fix. Before you purchase a location speak to your agent and find out what the pros and cons of the location are. Sometimes you may find that the commercial real estate brookvale is better than your original choice as the building is more stable and would not require extensive renovation.
Ultimately your business location has to be worth every penny you spend on building it. So make sure to keep the above in mind before you make a bid.