5 Location Factors to consider in Commercial Property
A worthwhile location is very important to the accomplishment of your business but this can prove quite tough because one of the challenges of starting a business profitably is getting a nice business site.
Five factors before choosing any business location:
· Style of operation – The location should be at par with your particular style; formal or casual. If your business is of retailing, do you want a traditional market, or you will like to try operating from a cart that you can move to various locations or a kiosk in a mall.
· Availability of raw materials - If you intend to run a manufacturing business, then the availability of raw materials is a point you must consider when choosing your business location. If your business is not located near these raw materials, then transportation and sourcing will reduce your profit end.
· Demographics - Demographics as a feature have a huge influence on your choice of business site. Suppose you are in the business of retailing stationeries. It means your demographics will be made up of students, so your best location will be within school vicinity.
· Nearness to market - Consider the nearness of your business to its customers. Whether your customers are end users or resellers determine the best place to locate your business. Remember for a successful business it should be easy for customers to locate your product.
· Availability of basic infrastructure – Infrastructure and amenities like water supply, good road network, power supply, and security are needs to consider when locating your business.
So the location of your business is a strong feature that should not be taken lightly as it can either make or break your business.