Location, Location, Location: Your Business Proximity Matters

Out of all of the many business decisions that you’ll make, your business location & proximity should be at the top of your list. It’s a big part of the strategic planning of your business. When you strategically plan, do your research and talk to business development professionals then that could help you to better Ebook: Gain Business Success In A Recessiondecide on your business location and proximity of your needed resources or customers.

You can gain more clients/ customers by showing them that you can meet their location needs. Whether you’re online, offline or both. The proximity of your business is not a guarantee of success but it’s good enough insurance against real quality problems. If you are trying to sell your business, then location & proximity of your business plays a big part in your success.

Identifying the needs of your business is very important. When you know and understand how your services or products affect your customers/ clients, it helps to avoid bigger problems down the road. Choosing the right location for your business is a balancing act.

  • Are you in the right location for the right people?
  • Is it time to relocate or expand?
  • Should I be online, offline or both?

Cost can be a concern but it’s not the only concern. When it comes to the location of your business weigh your options carefully. Sometimes you may have to commute and get outside of your area. The type of business that you operate will determine if you need a business online, offline or both.

Many times, the location of your brick n’ mortar operation can make or break your business. Checking out the demographics of your business can be as simple or complex as you make it. Get a demographic overview of the area that you may be looking into; such as age, households, income etc… When you know the type of customers that you want to sell to then you need to select locations centered on that.

Doing your research and the strategic planning of your business can help you to determine if you need a business in the city downtown area, a place out in the suburbs or the country. Include in your research & strategic planning a competitive analysis. Doing a competitive analysis before opening a business location can give you an idea as to whether or not you should be near your competitors.

Sometimes being near your competitor can have its advantages. For example just take a look at your local mall, many of them have similar stores all in one building and many of them do quite well. On the other hand being too close to your competitors can be deadly for your business. For example if you have a cake shop in the same neighborhood as other cake shops, you may have a hard time bringing in business. But if you have top quality services & products you can bring in a lot of business in the same neighborhood.

You need to size up the demographics and get the help that you need. Don’t go at it alone, ‘cause you want to avoid costly mistakes at the beginning & during your business.

So talk to some professionals in business development, business consulting, business real estate etc… Once you’ve made your plans, you have them down packed and you’ve talked to a professional then you just may be ready to begin business.

Advertisements