The importance of a good location for your business.

With the good intention to start up a physical business, there are popular things people look out for, but for some reason, location is usually something often cared less about, I have even heard people say, location isn't really a big deal when the value of service rendered is top-notch. From visible cases, that is not too good a mentality to go into business with because location remains an integral part of a business establishment. The location of a business has the ability to either boost that business into limelight or limit it to a local region for a very long time. It would be a thing of joy for me, if after reading this article, you find more reasons to put the need for a good location into your business plan and of course look out for considerations when related to business location.

pexels

Ability to attract and retain talent: Depending on the nature of business you run, ensuring that the category of talent required to run the business successfully would find the location attractive enough is a very important point to consider. I once saw a very good school with huge potential located in a rural environment, no good/professional teacher wanted to teach in such a place, the school lacked good teachers and parents began to re-locate their children to a better environment where their kids could get a more sound education, as good as the structure and prospect was, the location was not good enough for such business.

Accessibility: Asides from having good staff base, the comfort of customers is another paramount thing to consider. Customers love a place where they can easily walk into without stress, a good parking space is also an important factor here. Remember to look out for the comfort of your customers at all times.

Competition: When starting a business, look around you for available competition, as they may either be good or bad for your brand. As a small start-up, building a business with a similar brand who is bigger and sell at a cheaper rate compared with you is a bad idea. If you are however aware of a certain loophole of an existing business, you can perfectly fit into and gain grounds, the by all means, take advantage of the opportunity.

Regulations and Tax: Usually, companies/ businesses built in highly exposed regions of the city, usually have to pay higher taxes, you need to weigh your business type, the expected profit and if the tax you would be paying, would be worth the expected profit.

Future plans: As a business owner, it is expected that you, already five-ten years of your business plan on ground. Can that location accommodate your business dream in the next five years, or do you plan to move to a better location? These are highly important questions that need answers before proceeding to choose a business location.

Closeness to needs: Of course, you should know that, no business is no island, there will be required support from other businesses either for the sake of your business or for the sake of your customers. You need to look out for proximity to business needs/ business compliments when sourcing for a new location.

Conclusion.

Location remains an integral part of a business, we must be sure to choose a good location for our business at all times. The factors stated above, amongst other necessary factors, are points to consider before setting up our physical business. Appreciate your time buddy, thanks for reading.