This document outlines 9 key factors entrepreneurs should consider when choosing a business location: 1) Demographics of the customer base, 2) Psychographics like the business image and style, 3) Proximity to foot traffic and markets, 4) Accessibility and basic infrastructure for customers and suppliers, 5) Level of competition, 6) Permitting issues and zoning, 7) Nearby complementary businesses and services, 8) History and image of the specific site, 9) Cost of utilities and other expenses. Choosing the right location is as important as the business itself, and requires thorough research of these factors.

1. https://digest.myhq.in/factors-choose-right-business-location/

2. Introduction
● One of the biggest headaches an
entrepreneur faces is choosing the
right business location.
● This is one step that most
entrepreneurs approach with a pinch
of salt and if you are a small
business startup it becomes even
more challenging.
https://digest.myhq.in/factors-choose-right-business-location/

3. Your Location Matters
● A good business location helps you
reduce your expenditure.
● It is critical to your business success
and sales as it many times makes or
breaks your company.
● Also even if your product is good, it
will not help if you are selling it at the
wrong location.
https://digest.myhq.in/factors-choose-right-business-location/

4. 9 Factors that every entrepreneur must
consider when selecting a perfect
business location :
https://digest.myhq.in/factors-choose-right-business-location/

5. 1.Demographics
● Demographics can have a big
influence on your choice of
business location.
● Keep in mind the type of product or
service your business offers and the
status of the customers when it
comes to business location.
https://digest.myhq.in/factors-choose-right-business-location/

6. 2.Psychographics
● Always ask yourself if your operation is
going to be formal and elegant in
nature or if your business would be
kicked-back and casual in its working?
● This mindset of your work should be
consistent with your business location
as it will help with your particular style
and image of the business.
https://digest.myhq.in/factors-choose-right-business-location/

7. 3.Nearness to Market and Foot Traffic
● Foot traffic is extremely important
as you don’t want to be tucked
away in a corner where shoppers
are likely to pass you and your
store.
● Similarly, even online your
business needs to be located in a
high-traffic area.
https://digest.myhq.in/factors-choose-right-business-location/

8. 4.Accessibility and Basic Infrastructure
● Your business location should easily be
accessible to customers, employees, and
even your suppliers.
● Your business infrastructure is equally
important.
● Just being on a busy street would not help
as your customer would not prefer to drive
all the way to your business and then park a
kilometre away.
https://digest.myhq.in/factors-choose-right-business-location/

9. 5.Competition
● Always keep in mind that you are not
the only one in that business and
would always have competition in
one form or other.
● Check competing companies
located nearby and how popular they
are.
https://digest.myhq.in/factors-choose-right-business-location/

10. 6.Permit Issues
● Every country and every area is zoned
for certain things and when looking for a
business location you need to keep the
zoning and permit issues in mind as well.
● A certain area or zone might be perfect
from all the above-mentioned point of
view but not possible from permit
prospective.
https://digest.myhq.in/factors-choose-right-business-location/

11. 7.Proximity to other Businesses & Services
● Take a look at what other
businesses and services are
providing in the area of your
choice as it might help boost
your business.
● See if you can benefit from
nearby businesses by the
customer traffic they
generate.
https://digest.myhq.in/factors-choose-right-business-location/

12. 8.Image and History of the Site
● Always ask about previous tenants
and if people who provided similar
business have been in the area.
● For example: If you’re opening a
restaurant where five restaurants have
already started and failed, you may be
starting off with an insurmountable
handicap as many might assume its
the same restaurant or think you might
suffer the same fate.
https://digest.myhq.in/factors-choose-right-business-location/

13. 9.Utilities and other Costs
● When you consider a business location,
you always need to keep in mind your
budget and your profit margin.
● Ask the utility company for a summary
of the previous year’s usage and billing
for the site as it will provide you with an
idea of how much it will cost you.
https://digest.myhq.in/factors-choose-right-business-location/

14. Conclusion
Remember, the right business
location is as crucial as the
business facility that you
provide and require you to
devote as much time as you
can to find the perfect spot.
https://digest.myhq.in/factors-choose-right-business-location/

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