Doing a business is not everyone’s piece of cake. It takes a lot of commitment, dedication and hard work to set up a business and bring it up to a certain level. Gone are the days where business set up could be done overnight with little or no effort. Now you need to do a lot of thinking and deliberation before you being to set up a business. If the thinking phase is not done right, it is similar to not laying a proper foundation to a house. A lot of problems could occur in a business if the initial thinking has not been done right. Picking a business location is one such thing that should be given a lot of thought to. Many people wrongly assume that any place that you pick can work for a business. This is nothing but a misconception and picking the right place is always important. There are some tips to guide you through that important task of picking the right business location for you.
Do a geographical analysis
The very first thing that you should be doing when picking a place to locate your business in is to do a geographical analysis of the potential location. By this, we do not mean the earth patterns of the location, but a more thorough analysis, including the traffic patterns, demographic details, competitors, laws and regulations and so on. There are many software that can help you do just this. If you plan to put up a sandwich franchise in the Ajman free zone, these software will tell you exactly how feasible the option is.
Think of your competitors
In today’s world, every business has its competitor. Gone are the days where businesses monopolized the entire market. So we have to come to terms with the fact that we do have competitors. This doesn’t necessarily have to be a bad thing, especially when it comes to location. Many people wrongly assume that you need to be as far away from your biggest competitor as you possibly can. If you are setting up a super luxury hotel in the Ajman free zone, you wouldn’t want to be right next to your competitor right? Well the answer is no.
The closer you are to the competitor, the more you can live off their marketing strategies. Chances are that those who come to your competitor can also come to you, at first out of curiosity and then from thereon, because you give an equally good service. In addition, if you go ahead and plonk down next to your competitor, you don’t have to spend money at all on doing geographical and demographical analytics.