Fantastic Five Guidelines To Select The Perfect Location For Your Business

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Fantastic Five Guidelines To Select The Perfect
Location For Your Business
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The location of your business determines the
image and success of your establishment. Choosing
the location for your business is one of the most
important decisions you will make as a business
owner. With so much riding on the location of
your business, here are 5 top tips to help you
make this decision.
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Financial Considerations
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So youve found the perfect place and based on
what the landlord or realtor is asking, it looks
like you can afford it. Of course, the obvious
cost isnt the whole cost. Financial factors to
consider include how much it will cost to convert
the space to your needs (renovation, decorating
etc.), if the cost of parking is included and
additional tax costs
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Traffic and Accessibility
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Depending on the nature of your business,
different considerations regarding traffic should
be taken into account. If your business is retail
based, its a good idea to have a location in a
busy area where you will receive plenty of
foot-traffic. A business space that is easily
accessible via good roads and public transport,
with ample parking is a bonus when considering a
new location.
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Complementary Competition
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Being in close proximity to your competitors
neednt be a hindrance when selecting a location
for your business. Being in the vicinity of your
competitor may help you tap into your
competitors customer base, much the same way
that fashion brands tend to be neighbours. In
these cases, it is best to think of your
competitors as complimentary.
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Demographics
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The neighbourhood in which your business is
located is essential to its success. Locating
your business in an area that mirrors your target
market will give your business the edge. The
combination of providing an excellent product or
service along with the added convenience of being
nearby is a sure-fired way to improve the
standing of your business.
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Branding
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The location of your business is as important to
your brand as advertising. Is the potential
location of your business in line with your brand
and the product or service you are offering? You
will be hard-pressed to find a Walmart and Macys
in the same location, as they project very
different images. Remember The location of your
business is the first tangible impression of your
brand ? make it count.
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