HOW DO I KNOW MY IDEA WILL WORK?

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LOCATION

A successful business needs a great entrepreneur to handle all the decisions related to business and profit. Sometimes entrepreneurs with great ideas do not get as successful as potential their ideas are. To start a business, passion and ideas create a vision of business but to make it real, entrepreneurs need to be realistic towards every decision they make. However, there are few concepts related to location of a business which I prefer to cover up in this blog.

·         Do you think Market Research is important before you finalize the location?

Yes, it is important technically as it depend where you up the business. To finalize the location you should ask yourself below questions.

·         How important is the location to the success in my business?

·         How close the location is to your customers?

·         Is it convenient for customers to approach?

·         What site do I prefer for my business?

·         Does my business need a great image according to site? 

The main considerations for location are usually closeness to customers, transportation, supplies, and various services. Generally, your business location should be close to your potential customer or services but it does not matter if you are starting any online business because you deliver your service or product through online. So you physical location does not matter anymore in online business. For manufactures like in –house publication needs to be located near their suppliers as if publisher do the writing, creating and design but the printing is done by supplies, so its prefer to stay close to your supplier as often the number one priority so that you can have a checking proof on you printings.


However, site issues are different from location as it can be defines as a specific place where business is conducted, expressed as a particular block, address, suite, or part of a building. The main considerations related to site are traffic, visibility, parking and neighbouring business.
Ask yourself:

·         When might too much traffic be bad for your business?

Traffic can be either the automobile or pedestrian varieties. To analyze your traffic, you should identify the time period your potential customers pass by your business. Again, it depends on the selling of product or service or who you are selling to? If you are selling frequently purchased products to a broad consumer market, then the trick is that you find a site where a lot of potential traffic of walking or drive by for example convenience stores.

·         Will the sign be noticeable and readable from the stream of traffic? Will the entrance be obvious?

Visibility includes the ability to see into your place of business. If you rely on the high volume of traffic passes by from your place, your need to make them enter your place and let them see your products visible through windows which will lead traffic curious about your place for example, beauty salons.

·         What parking problems will bother you the most?

To solve the parking problems, you need to identify enough space for your customers to park and come to you even in peak time. For example if your store is sited in mall and at evening there is not enough parking for customers to park and shop, they might neglect to come to you and find your competitor who situated in a plaza with his own parking only for his customers to park free under his name.

·         What if your neighbouring business is a complementary business or competition?

If you are neighbour with complementary business means who sell different product or service to same potential customers. It is good site for your business as you will gain more traffic from your neighbour. For example, a discount shoe store suited beside a discount clothing store. Whereas, being a neighbour with your competitor is not a good idea as your potential customers get shared with your competitor and lose and also you face challenge of becoming specialized in ways that will make you slightly different from your competitor for example, restaurants.