It is no news that where you decide to setup your business can make or mare the business. Yet, a lot of people start business without considering it.
To some people, in as much as they can find a space to rent, then they can start a business. However, not all places are good for a particular type of business.
That I start a sport betting business in high density area with high football fan base does not mean you can start selling cars there.
Check the important factors below and consider them before starting your business.
Like I stated earlier in the introduction, you only setup business in a place where your target audience can be found.
So, if you want to start a primary school that targets the low class in the society then the best thing to do is to locate the school where they are or else, you will run out of business.
This is critical and if you don’t consider this, it might lead to regrets at the end of the day.
Everyone want to start a business in the Central Business District (CBD) but not everoyone can.
Why? Capital! If you don’t have money to rent or buy a space/shop in an area, you definitely cannot start business in that area.
So, choose wisely and don’t end up being sent parking after your rent expires.
Oh well, what you have now at hand in terms of startup cost is just enough to start small but at the long run, would you like to expand the business?
If you would want to then choose your business location wisely as some location tend to resist expansion.
In business, government of a place can make laws that inhibit the growth of some kind of business in an area.
For example, do you want to start a poultry business in residential areas? Well you are not allowed to do so for health reasons.
Government can also restrict the use of some machines and implement in certain areas. Also think of taxes and also government policy on buildings and licenses.
In business class, they would tell you competition is good for business. however, this is only good for the consumers not the producers.
Yes, a little competition will make you and your competitor give your best but in the case when competition becomes high, it is best not to even start business in that place.
How accessible is your place of business to you, your staffs and clients?
This is very important as people will always look for the most accessible place to either work or buy from.
This is why you need to define your target customers and site the business where is most accessible to them.
When I say safety here, I mean the safety of you, your staffs, your products and your customers.
Nobody wants to buy from where they know they are not safe. People buy because they lack and as such, no one will go to a place where he will buy and something will be stolen from him (making to lack another thing).
There are some basic facilities some businesses need. To some, it is power supply, to another, it is light.
Look out for what you need and make sure it is in the located before you start the business there to avoid extra cost.
In conclusion, it is important to note that requirements for businesses varies and as such, what they consider differs.
So this is a general guide, choose what is required in your case and lookout for other things not included here based on the research on what you need to start the business.