If you are planning to start a retail or consumer service business, there are 3 most critical things which will determine your success- Location, Location and Location. In the brick and mortar world determining the site for your business is the most critical decision you have to take as your business image and location are very closely tied. For businesses which require continuous contact with consumers, it can mean the difference between feast and famine for your business. The real challenge is how to find a perfect location that suits all your needs. So here are some pointers that will help you find a perfect location and thrive.
Weigh The Cost With Other Factors
You need to consider the bigger picture while choosing the perfect location for your startup. After you do the necessary brainstorming and decide what kind of brand image you want for your business, finding the location becomes easier. For example, if you want to open a high end thrift store a mall will be a perfect location, but not if you are planning to start a manufacturing or wholesaling business. The most important thing is evaluating your finances. Determine what you can afford and other financial aspects too. You don’t want to burn a hole in your pocket before taking your first step.
Determine Your Target Customers
Customers are fickle. Some customers prefer convenience while others just consider the cost. There are customers who give priority to the ambiance. The location of your business will definitely impact the buyers you want to attract. You need to keep your target customer and their requirements in mind before deciding a perfect location and balance everything making it a well decorated store at a convenient location. You also need to figure what your potential customer will prefer – price or convenience? Find out everything about the population trends and statistics of the area you are planning to start your business.
Figure Out Your Competition
For a service oriented business knowing the similar business around its location plays a vital role. Scope out your competitors by conducting a thorough market analysis and see if you can gain enough market share. Keep an edge over your competitors by offering something extra. If the location of your business already has stiff competition, you may have a hard time making a name for yourself in the market. Have a strategy to establish yourself.
Save On Overhead
For a profitable business, you need to keep your overhead as low as possible, especially in the initial years. Your location overhead will include rent or mortgage, taxes, utilities, maintenance and insurance etc. Plan carefully and figure out all the factors contributing to your location overhead and maintenance. Calculate how much exactly the location will cost and check whether it fits your budget. You can check online for free online business directories in Australia and choose a suitable location.
Go With What Makes You Happy
Sometimes the biggest determining factor for the success of your startup is the quality of work and the efforts you put in. After all, Warren Buffet also made billions from Omaha. So being happy with what you are doing and from where you are doing is the ultimate key.