Studying and applying the basic principles for finding your business location in this article will really go a long way in helping you get information on how you are going to dispatch your products and services to people.
You need to have a clearer picture of the chances for selling your products and services around a locality.
And in order to do so, you must undergo a market research and get information on the kinds of people who might possibly buy your products or services.
For instance, you will have to take into consideration how far people are going to find their way to your business location, as well as the size of your competition within your business locality.
For you to get a better understanding of this point, let us now dive into studying the basic principles for finding your business location.
Study your market area.
In trying to know the size of your market, you must seek to find how far people are going to find their way to your business location.
And there are basically 2 factors to put into consideration when doing so; and they are:
- The kind of products or services you are selling and offering.
- Other businesses that sells or provides your same products or services within that market. We call them your ‘competitors’.
If your business is unique or has very few competitors whose products or services are not good as yours, then you don’t have to worry because people will never mind coming from afar to patronize your business.
Therefore, you need to go around your proposed location and use the 2 factors above to determine if it will be good enough to locate your business.
Study the profile of your ideal customers.
The next thing you must figure out is those people who are going to buy your products or services.
You need to understand their age, income and educational level, size of their families. Note that it is the kind of products or services you are offering that will be used in studying these profiles.
If you are able to accurately describe your ideal customers, then you will be more than able to know the size of your market and the chances you have for selling to this market.
Estimate the population of your business location.
At this point you need to start looking at the population in your business location.
The number of houses might not be the best means of knowing this population, because there might be some houses that has very few occupants.
A simple trick for easily understanding the population of an area is to walk around during work and school hours, and observe how many people are leaving for as well as returning from work and schools.
Now this 3 basic principles for finding your business location van be summed up in 9ne sentence thus:
Once you understand your business competitors and know your ideal customers and their population, you will soon own a business that sells more products and services.
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