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Business Guide
CONTROL IS THE BASIS OF EVERY EFFECTIVE MANAGEMENT!
 

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.

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.

RELATED INFO

Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE
The Site Book: A Field Guide to Commercial Real Estate Evaluation - Written by an expert with 20 years of experience in commercial site evaluation, The Site Book is a practical book that takes a logical and process oriented approach to site evaluation. Built around dozens of real-life examples of sites that work, sites that don't - and all the reasons why - this book explores the dynamic and sometimes complex relationship between site features and other factors that will ultimately determine the success of any restaurant or retail location. The Site Book features: In depth discussion of the major areas affecting a site evaluation including customer sources, usage patterns, demographic reports, day parts, linkages, drop-in features, physical surroundings, image, trade area, growth strategies, competition, and cannibalism. A step-by-step guide through the site evaluation process using a unique site evaluation worksheet. Strategies for measuring and weighting the relative importance of each site feature and calculating a final site score. Practical tips for specific concepts and varying market conditions - such as opening a first destination in a new market, adding a second store, or backfilling in a saturated market. Strategies for site selection in competitive markets where the best locations are in short supply.

Location, Location, Location - Whether you are searching for a new business site or relocating an existing business, you have the power to dramatically increase or decrease your profits by choosing the right location. Location is the most important ingredient for success for any business that depends on customers finding it. But how can you tell what is a good location? Experienced real estate executive Luigi Salvaneschi shares all he knows about the topic in this guide for retail business owners, managers, corporate and franchise operators, and real estate agents. This book clearly explains how to: * Spot the essential characteristics of the best location * Understand why and how people move from one point to another and how this movement affects their retail business * Analyze & learn from your competitor's business so you can make your store a better shopping option * Use the concept of the analogue store to successfully project your store's sales * Learn about the retail trading zone and how to use it to capture customers Use worksheets and instructions to walk through the site selection process: *Retail Trade Zone Survey & Instructions * Long-Range Store Development Plan * Real Estate & Construction Checklist * Analogue Rating Score Sheet * Hourly Sales Analysis Worksheet * Success Model Worksheet Helps you identify and understand your retail trading zone and gives industry insights on using city layout and traffic patterns to your benefit. Also shows unique methods for analyzing your competitors to maximize your retail potential.
 
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