Location is everything when it comes to business. One of the most important decisions you’ll make as an enterpriser is to choose the location of your business. Even if you are running a home office, location can make a difference when it comes to operating expenses and even taxes and regulations. Location can improve your business and set the stage for growing potential, or it can doom a business from the start.
Choosing a location
When you are choosing a location you need to consider some factors. First of all, your customers, if your business is difficult to find, is most likely that your customers will prefer to go somewhere else. A city center might be a great opportunity to put yourself out there and attract possible customers, but it will face you with competitors that may have a better establishment. Quite neighborhoods may offer fewer customers but its probable that you offer something unique that attracts all that customers, and that it may loose among the competition on bigger scale. You have to find balance in these scenarios, and the answer may be on the second factor to consider: suppliers and expenses. Your suppliers are your source material and most of them will charge extra the further the transportation so keeping your suppliers near will be a good way to reduce some expenses. Location is linked to rent, taxes and services, these operating expenses will vary according to the demand of the neighborhood where you’ll place your business. Some places are smaller but much more expensive because they are located on a high demand area like Wall Street; on the other hand you can find a bigger place for maybe half of the price but on a smaller neighborhood. Other factor to consider is your employees. If you are located on a place where no public transportation is available or where there are no coffee shop of parking spaces near by, then the job offer may not be favorable to your future employees. Keep in mind their necessities in order to establish your business location.
Location is also something that is evolving with technology. Your brand will not only be seen on the physical location but also on social networks. Promoting your business is very important to stand out from the rest. The place you hold at Google search will determinate how easy possible customers can find you; if you are on the second page or third page, you wont probably be seen.