Business

Business Tips & Info

The Right Location

Choosing the right location for your business is the most important thing. Many good ideas failed because of the poor location. This is especially true for service business such as restaurants, dry cleaners, retailers, hair stylists etc. If your location is too far off the beaten track, you'll spend much more money for advertising than you would if you are easily accessible.


The three most important factors affecting your business are:

1. LOCATION

2. LOCATION

3. LOCATION

Selecting Location

When you run a service business, for example, it's not enough to choose a site because the rent is reasonable. When selecting a location you should consider many other factors, for example:

Population of the area you consider (whether it is increasing or decreasing).

Economic background of the people living in the area.

Facilities (for example, public transportation and parking).

Find out which side of the street (for example "going to home" side versus "going to work" side, or sunny versus shady etc).

Location of existing competition.

With your local municipal authorities, check are you permitted to conduct your business in the location of your choice.

Make sure the location you selected meets your physical needs (for example, enough room to conduct your business properly, or to grow).

Determine how co-operative and helpful your landlord will be.

Make sure the rent is reasonable and within your proposed budget.

Check, does this location have access to basic services (electricity, water, gas).

Make sure you are accessible to your customers and suppliers.

Find out, how is security in this area (is there police and fire protection?).

Make sure the site you choose is the right one for your image and for the nature of your business.

Find information about property and business taxes (Are they reasonable now, and will they increase in the future?).

Choose location that suits you because you'll be spending long hours at your venture.

NOTE: Think of any additional questions you might need to consider. Once you've analyzed a variety of locations make a list of them and discuss the pros and cons of each.

Push the Positive

Negative phrasing can be damaging in your marketing campaign and advertising project, silently destroying it from the inside. When you are designing marketing campaign and advertising for your business, stress the positive, not the negative. You'll gain far more customers and new business that way. Although this has been proven time and again, many businesses keep right on sending negative ads to their customers and prospects, and most do it without even realizing it. Learn more...



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Did You Know?

Marketing a new product or service is very challenging, because billions of dollars are spent regularly developing and launching new products and services all over the world.

Market failure is the most common reason for a product or service to fail. The other common failures are: financial failure (when product or service doesn't make any or enough money, cost of production and implementation of the service have not been sufficiently thought out in the specification stage, waste of time, etc.); organizational failure (poor management, miscommunication, lost productivity, failure to innovate, poor or bad collaboration, etc.) technical failure (when it doesn't work properly, wrong concept, poor implementation etc.) and political failure (when the source of failure is action by the government). Find out more...