Your business location can be very crucial for your business’ success and its future. That’s why you must dedicate your time scouting for the best places near you.
Have you ever heard the saying “location, location, location”, well that was meant to tell you how important having the perfect business location is to your business’ success. To help you with that, here are some factors that you must consider in choosing a business location:
The Factors To Consider When Choosing a Business Location
Before you start looking for your business location, the first thing you should do is find out how much money can you spend on it. An owner should minimize his or her expenses as much as possible, so getting a cheap but great business location can be a hard task yet not impossible for a resourceful business owner.
The next important factor you need to consider when choosing a business location is the traffic that your business may receive. If there will be good amount of traffic or people passing by, then that would be great for your business. That means you have a higher chances of selling your products and/or services than having a business location that has little to no traffic at all.
Are there enough people that are passing by or near your chosen business location? What class do these people belong, poor, middle-class or rich? If you’re operating an expensive retail store, then putting it in a poor or middle class community may not be the right thing for you to do. Know the people around you and adapt your business with them.
The best business locations have access to affordable and different types of transportation like public buses, taxis, trains etc. It should also have good electric and water service, telecommunications reception, proper ventilation, and of course good security for your business and the people behind it.
The Best Locations To Launch Your Business
- Middle of the city
It does not matter if you’re business is big or small, building it up in the middle of a very busy city will get you good amount of traffic and maybe a large profit too, well, that may depend on your marketing skills though.
Your business will surely benefit a lot when you set it up in the city, the only con that I could think of about this one is that the cost of choosing this business location can be very expensive.
- Near a learning center
Elementary schools, high schools and universities are places where hundreds, even thousands of students go and it’s the perfect place to set up a business that can satisfy those students’ needs. Some good businesses to start near schools are restaurants, school supply stores, net cafes and printing shops. The cost of setting up your business here varies, if you could find a cheap place, then that would be great. The not so good thing about this is when summer starts, that means there would be very limited customers for you but if you’re okay with that, then this can be the perfect location for your business.
- At your own home
If you’re looking for a more convenient place to start your business, then look no further and just start it in front of your own home or near it. Having plenty of friends and relatives in your neighborhood can boost your sales too, if you know what I mean. More importantly, you’ll not be paying any rent.
The most advance and maybe the best business location for you, if you’re looking for a low-cost place that can also give you a high number of audience/customers everyday, is having an online business. You could just buy a domain name, get either a free or paid web hosting, design you site and put up the items or services you want to sell in there. It’s that easy.You may also have both an online business and a physical location if you want more exposure and better returns.
Some of the Great Places in The Philippines That You Could Start Your Business
For my fellow Filipinos or to any one who is planning to start their business in our country, here are some great locations where you can start your business in the Philippines:
- Near a school or university (e.g. UST, UP etc.)
Advantage: Your business will receive hundreds of traffic every school days; Great for stores that sell school supplies or those planning to start a not so expensive restaurant
Disadvantage: Little to no customer when there is no classes
- Inside a train station (e.g. MRT and LRT) or near it
Advantage: There would be thousands of people everyday passing by your shop or store; The best business location for stalls or carts
Disadvantage: Those people will sometimes be in a hurry, that they will not even notice your business
- Inside a mall (e.g. MOA, SM Aura etc.)
Advantage: Medium to high traffic; Great security; The perfect location for restaurants, shops and expensive stores
Disadvantage: Expensive fees and charges
- Near a government building, specifically the city hall
Advantage: Hundreds to thousands of people may notice your business
Disadvantage: Little to no customers when there’s a holiday or non-business days
I hope those helped you when it comes to choosing your business location. If you have any places in mind, then share it out in the comments section below. It could helped other readers as well, and I would certainly appreciate it if you do. By the way, good luck on your business!
Photo Courtesy of Jun Acculador