Location, location, location? Have you ever asked yourself why the term is used too often in the commercial real estate world? It is used to capitulate on how important location is to folks who want to own a home or an perfect office space. Looking at it from the office or business perspective, a perfect space is essentially great for launching good business ideas that will thrive in the face of everything including competition. Apparently, whether you want to move from where you are now to a new place or launch a new office, finding the perfect business location is critical, though it can be a little tricky given the fact that a lot of technicalities are involved. For that, this article focuses on whittling down the technicalities.
As pointed out earlier, we will be doing justice to the subject matter from the business perspective, hence calling competition into play. The age of traditional marketing is dead and gone and a new era has begun- it is called the era of online marketing. A good number business owners now implement hot internet marketing strategies to keep their business in full swing and beat competitors.
You will do yourself some good by taking into account the level of competition in an area where you want your office to be located. Ask yourself whether you can measure up to your competitors or not. If your answer is no, you might wanna buckle up or drop the location and leave it while you look for a less competitive ground or void. Void as used here refers to a location, a fertile ground where there is no competition at all.
For the most part, a good number of business persons target areas upmark without giving consideration to voids or some communities for low income earners that present great business opportunities. Even if you can compete, wouldn’t it be wiser to explore a void? Afterall business is all about following the cost benefit criterion- to measure two actions in terms of costs and benefits to determine which to input resources in. That is a great food for thought.
Patronage and demography
This is the part where you have to do a homework of the area where business types such as your will thrive. That begs a question: who segment of a population are you targeting and does you quest location hold up enough? Get your hand on the demographic analysis to determine whether or not you can get enough leads to help you reach your goals. While studying the demographic, you might need to look at the mortality and fertility rate.
Socio-economic as well as political situation
Businesses tend to thrive well in places where there is stable political and atmosphere. When opting for a business location, it is imperative to consider its socio-economic situations to determine whether it is a ground to explore or not. Measure the employment and unemployment rates and consider the flow of cash as well to determine. If you consider it a good atmosphere for business don’t waste time to launch you ideas. If the reverse is the case, jet as fast as you can.