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Tips on Choosing the Right Location for Your New Business

What makes a business successful? The quality of your product offerings, operations, resources, customer service and marketing tactics are amongst some of the most important determiners of success. But most of the time, what truly dictates whether your business will make it or break it is ultimately your choice of location. 

New Business Location Tips

If you’re an up-and-coming entrepreneur looking to turn your business idea into a reality, follow our tips on how to choose the right location for your new business! 

Target audience

Following a clear understanding of your target audience, perhaps the most crucial question to ask yourself is: “What would be the most convenient location for them?” If your audience is not used to frequenting the area you’re considering, they might visit once to try out your “cool new concept” but if it’s inconvenient for them, chances are they won’t be back.  

New Business Location Tips

Prominence

Unless your business requires privacy and confidentiality, a prominent location is crucial to get the ball rolling for a new venture. However, having a prominent location does not necessarily mean opening your business right at the centre of the capital. Perhaps if your new business is a coffee shop, opening down the road from a shopping centre on the way to a parking lot would be ideal. After all, who doesn’t enjoy a drink and a snack before heading back home after an afternoon of shopping?

Parking and accessibility

We all know how frustrating it is going to a place and spending an hour circling around for parking. Therefore, if you want your customers to arrive hassle-free at your place, make sure that access by car is possible and that several parking spaces nearby are available. 

New Business Location Tips
 

Previous tenants

It is not the first time that we’ve heard of a particular location in which business after business have failed. Why? In some cases, reasons may relate to poor business operations or shortage of resources, but in other cases, it all points to the weakness of the location. Truth is some locations are simply not business-oriented at all. So, do your research well and if a business had previously failed there, dig deeply and discover the real reason why.  

Competitors

Before taking a decision on a location for your new business, scan the area to see if there any competitors you should look out for. If the competitor present has been long-established and has a very renowned reputation, chances are they’ll make your journey difficult. But in some areas where customer volume is high and fast-moving, such as an entertainment district, this can work in your favour as customers will easily distribute between you and your competitor(s). 

New Business Location Tips

Another reason why you should examine the area you’re considering well is to see if there are any services available which your employees might require e.g. places to go for lunch, pharmacies, childcare centres and more. 

What is the image you want to project? 

Ultimately, once all the above has been taken into account, don’t forget to stop and ask yourself: “What does this location say about my new business? Is it consistent with my style of operation, with my goals and with how I want people to perceive my business?”  At the end of the day, perception is key in consumer behaviour!

Choosing a location is just one of the many decisions that go behind opening your own business. While such a venture may be challenging, it will also turn out to be highly rewarding when it is planned, executed and safeguarded properly.  

Click here to learn about Business Insurance and follow your entrepreneurial dream worry-free! 


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