Are you looking for a place to locate your business? You may a novice in the business world or you may be a business professional for over decade! Whichever the case, when it comes down to what factors influence the location of a business, most remain baffled.
Well, I can tell you for a fact that these 4 tips are definitely going to affect your future business success! And it comes from none other than a famous Business Consultant who has been in the industry for many years!
Who are you targeting?
When deciding on locating your business premises, one of the first things that you need to analyse is who your target customers are. If you are targeting kids, then you should be located in an area that is frequently or easily accessible for parents with kids. And if you are in to pharmaceuticals it is only wise that you locate in the vicinity of a clinic or hospital. In that way, you must decide where you are going to locate your business. Keep in mind that it is very important you are visible and accessible to your target market!
Who are your employees?
The kind of people you plan on employing for your business will definitely be another factor that affects the location of your business. If you want to employ forward and modern thinking persons with the ability to converse well in English, you may need to locate in the city. Which is where you will be able to find such employees without much of a difficulty. It is indeed a good idea to locate in a meeting room Kuala Lumpur where there are different employees of different organizations, thus even internal shuffling is possible!
What are the technologies you need?
If your business need large technologies or machinery to be used then you will not only need a large work space but may also need to get special permissions from the legal authorities. So always keep in mind that even the technology that you will need will affect your business location. Always decide before hand what the technologies that you need are and only then locate the business in the relevant premise. It is a good idea to go for a service office that will have most of the commonly needed Technology! This can be shared with the other companies in the building thereby cutting down on your costs!
What is your financial ability?
Finally, your financial standing has a lot to do with the location of your business. You should always try to reduce holding up any money that can be used in investing to the business! Always keep in mind that the financial standing of your business should be very strong if you want to survive!