Placing your business in a good location is one of the most important things you can do to ensure its success. Here’s a comprehensive guide on how to choose the best and most lucrative location for your business:
1. Demographic assessment: You will want to situate your business in an area that is accessible to the demographic that you are targeting. Pick a location that already sees enough traffic from the targeted demographic group.
2. Visibility and accessibility: Your business should be highly visible and hence accessible to the target group, both in terms of its location within the city and its visibility within the chosen commercial complex.
3. Competition: It is a good idea to situation yourself where there is already some competition, as this promises you adequate customer attention. However, it is then on you to make your business stand out from the crowd.
4. Amenities: Look out for various customer-centric amenities in the commercial complex, such as parking, power backup, elevators, restaurants and cafés, etc.
5. Rental and overheads: Calculate your expenditure in terms of rental and overheads and weigh that against the location advantages.
6. Personal advantages: It is also important for your business to be located in a place that allows you to access it easily and spend the requisite number of hours at work without having to commute long distances.
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