Sunday, April 07, 2013

Location, Location, Location

You may find this post as a cliché. But the right location is one factor you must consider in putting up your business for it to be successful.

IF you have a site found, equip yourself with these areas of concern.

Foot Traffic. How much passersby go to that site? Passersby, are potential customers. If a population frequents your site, they would be your customers in the future.

Competition. Research on the big and small players in your area. What is the advantage of your location? Is the site overpopulated with the same business as you wanted? It also helps if you are the only business in the area catering to such need. You could actually monopolize the market.

Accessibility to Transportation. Is there a terminal nearby for customers? Does the public transport go by your site? You wouldn't want your customers hire a taxi or a tricycle just to go to your store just to get what they need. And most of all, customers don't want to haul their bought goods from your place to the nearest street where there is public transport. You want your business to be convenient as possible to your customers.

Demography. Is your site located in a posh subdivision? In a public market? A mall or a school? Knowing these helps you understand the type of customers you will have, likewise their purchasing power.

Location plays big in a business especially for those who are still starting. Being in the right place gives you an edge. Get seen with just being there in the best location.

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