Health & Fitness
Factors of a Successful Business Location
There are a lot of details to consider when starting a business, like the products, advertising, cost, employees, and most importantly- the location. Nearby businesses, customers, and other factors should be considered when choosing the location of a new business. It’s important that the location of business makes sense; for example, there are not many sports stadiums near nursing homes or high end boutiques in low income neighborhoods.
Here are a few factors that can affect the success of your business:
· Away from competitors, unless your business can successfully compete with them
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· Near similar businesses that can help the business’s growth (Clothing stores in an outlet mall)
· Near different businesses that can help the business’s growth (rental cars near the airport)
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· Safety of the area
· Amount of space the building offers
· Room for possible expansion
· Plenty of available parking for staff and consumers
· Near target consumers
· Easy for consumers to find and suppliers to deliver to the business
· Taxes in the area
All of these factors should be considered when selecting a location because a business’s location is vital to its success.