Choosing an excellent business location is not always as easy as people think. It is more complicated than just picking out a space and paying for it, there are many factors that a business owner has to be mindful of while making such a critical decision.
Say you need a new business location for whatever reason; the first thing you do is create a mental picture of what that location should look like. The clearer the picture is, the easier it would be for you make a choice. There are many reasons a business would need a new location like warehousing, store front, office space, or factory. Let’s say for you it is to establish a retail business maybe a store you should be able to picture the kind of space that would be just perfect for that and then proceed to looking for something that fits that picture.
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From the list of space your realtor has made available, you found a perfect store front but it is has one problem, it is not very close to your target customers. Remember because you need a retail store the best location must be very close to your customers because this would make it super convenient for them to patronize you. This may not be an issue if you’re searching for a factory space or a warehouse because it does not require proximity to your customers.
For you to be able to make this decision, however, you should know who your target customers are and what locations you can site your business to have proximity with them.
Another factor to consider is the building and environment is a good match for your business. Does that building have all the minimum requirements for your business to thrive and even grow? You have to check if your building has electricity, proper ventilation and other necessary utilities. And beyond the building, is the environment conducive for your business? Does it give you access to high foot traffic which is critical for a retail store instance? Also look at other businesses in the environment would they help attract customers to your location (if it’s necessary) or drive them away?
You want to be able to pick a space that matches the personality of your business or that you can at least decorate to match your brand. You cannot site a trendy fashion startup in Ikorodu for instance and expect to attract the luxury conscious customers that Lekki or VI commands.
Of course, the cost is also critical in choosing a business location, is it within your budget? You should have a budget that determines what locations you can afford paying the rent and other utilities bills on (don’t overlook the cost of utilities). Especially when you’re just starting out, you don’t want to pick a location today that your business may not be able to pay for in the next two years. Make sure it is well within your reach.
While making your final decisions you should think about the future too, would this location be able to support your business if you double or triple your staff or customers in the next five years or will you have to start this process all over again?
These are all important factors in determining whether you make a good choice for a new location or not. The success of your business may well depend on how good that decision is.
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