Six factors to consider for a good business location | SupportBiz

Managing Growth

Six factors to consider for a good business location

 
The importance of choosing a good location for your business cannot be stressed enough. A perfect location can work wonders for your firm, especially if you are a retail organisation. SupportBiz lists six important factors that you should consider while selecting a business location.

Convenient to customers

Your office should be convenient to customers to access. You should be located in an area that makes your customers feel safe and secure when they enter and leave.

Sufficient parking space

In today’s times, the availability of sufficient parking space is a factor that largely influences customers’ purchase decisions. If your office/shop does not have enough parking space, a customer might choose to buy his requirements from competitors selling similar products, who offer ample space for parking.

Parking space is, hence, an important aspect to consider while choosing a location for your business.

Storage of inventory

Your business location should, at any point in time, be able to store the inventory that you require, leaving space for your window display. You should, hence, determine the extent of inventory that you will carry at all times, and choose your business location wisely.

Storage of equipment

If you have a manufacturing unit, ensure that your business location is big enough to store all the equipment that you will need for production.

Space for services and sales

Your chosen location should have ample space for you to interact with your customers and sell your products/services to them. It should also have enough space for you to provide services to them, such as after-sales services and repairs.

Market survey

A market survey or a research firm can give you details about the tastes and preferences of your target audience regarding business location. This will help greatly in narrowing down to the locations that are best for your business, from the available ones.