It is inevitable that when location of the business is not right, the business will surely fail; one factor for the success of the business is its location. When you look around the public markets or the malls in your place, you could clearly see that most successful businesses have very good location and in fact, bigger entities do not put their businesses anywhere other than locations known to have high traffic and potential visitors.
For instance, almost anywhere in the Philippines in terms of the fast food chain companies like Jollibee, McDonalds, or Chowking, they are usually located at the heart of the city and they can even exist in multiple branches within that center area. Other than this, some companies would just exclusively place everything at the mall wherein most people go.
One key indicator of a good location is the convenience it gives to customers. People need not go to a store that is hard to find or far enough that buyers have to travel very far to reach the place. With the presence of online buying that is convenient to transact, those who are doing business traditionally without any usage of computer technology will likely fail if location is not chosen well.
Another indication of a good location is the presence of more popular stores in the area. This means that you can have a clue on where to put your business if you can identify some popular stores nearer your targeted place. This is the reason why malls and public markets are surrounded by smaller stores near them because their locations are proven to have high traffic of customers.
Another factor to consider when choosing a good location is the visibility it has for the customers to identify right away your store. For instance, if your store is indeed near enough popular stores and has high traffic along your area but your store cannot be identified and seen right away by potential customers, then you have a problem there. Signage, prints and attractive streamers could help your store be identified by customers.
Merely guessing if your chosen location is good or not is not advisable. You can observe and count the number of passersby in your chosen location and even ask other local stores and people there of the potential of the place. You can also ask or search on possible plans of the area by the government or other private entities. Families or friends who are long time entrepreneurs could give proper advice on your right location. Consider its importance to avoid wasting money and time in your start-up business.