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in Business+Finance by 1 11 33
by 8 17 63
Every decisions you made for your business are necessary in order to succeed.

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10 Answers

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by 6 19 36
Yes choosing a strategic place is very crucial because that's what will determine how your business proceeds. Speaking of place, people would love to set their businesses in an area where there's market availability. Before setting up a business, you should know your target group of peopled first and a place where competition isn't very stiff.

Also, regarding place, choosing a place which is environmentally clean and spacious is highly recommended. A clean environment will always no matter the business you're doing.

But then, we have those people doing their work mostly online . Also for them, space is crucial because you cannot work in a place that's squeezed because it will limit your work hence low production and yet we're after making profits.
0 votes
by 1 12 22
Of course! No matter how good your business is, if it's not in a strategic place, for sure it will go bankrupt. Before putting up a business, you should first know your consumers, profile them, what would appeal to them and what would not, where do they hang out, stuff like that. Let's take for example a 7/11 convenience store. We all know that it is one of the largest earning convenience stores especially in the cities. However, if we put a 7/11 store in a place where no one really stays up later than say 9pm, and where there are a lot of small stores whose prices are not as jacked up as in 7/11, then that 7/11 outlet would just go to waste especially since 7/11 is open 24 hrs. Just think about the wasted money on electricity and labor for that time (9pm to maybe 6am) when no one even comes in to buy something because everyone is still asleep.
0 votes
by 9 39 73

Yes. I do think location matters in every business. As a matter of fact, oftentimes, it is the area that dictates the type of business that would best fit the community. If you happen to be living in an area that's lacking a certain commodity (cafe, food, home/school supplies), you then start to think that perhaps a trading post would be best suited. Now if you have a particular business in mind, location is always a critical factor, as this would determine the growth of your business. In choosing the location, you don't just look at the location per se. You'll study the demographics, the possible competitors, the accessibility, and even the rent, taxes, and security measures that you need to undertake.

0 votes
by 7 24 50
Of course yes. Choosing a strategic place for business location is as important as every other efforts one is making to ensure the overall success of the business. Present day market requires the visibility of the business for it to compete favourable with its competitors. If you not seen you can't be reached by large number of people out there which means your sale return would be nothing to write home about. For you to be seen you must be visible to all and sundry at least 95% of those who are interested in what you are selling. Most businesses especially the start-ups don't have the concept  of visibility that's why some has folded up or still struggling to take off. Strategically, the issue of business location or place shouldn't be overlooked or taking lightly if maximum profit is  to be made out of the business.
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by 4 33 50
Part of planning about your business, is having an ocular of a place of where you can build your business. You should put matters on how the place move with people. If it is a busy street, there are lots of people walking there and there, it could be a strong reason where you can sell more of the product you are plan to start as a business. Place to establish your business is very important and part of the strategic plan to start your business. That is the reason of ocular evaluation. There are people that could estimate this for you and there are business analyst that would advise you some tips, as an additional strategies whenever you found a place to put your business. It is part of the strategy. You can have one testing place if you are in doubts. Some franchise do it.
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by 8 27 81
What is a business without a strategic location unless it an online business but to succeed with an offline business then a good location for the business must be considered.

For example selling items that will be needed by college students will have more sales if it a store is situated near some colleges or their hostels.

A wrong location is a very good way of business leaving good money on the table a lot of customers that will have patronize the business will not have access to the business to buy from.

It is pertinent that when one is thinking of what to deal in during the business planning proposal period, the location of the business should also be looked into.
0 votes
by 6 14 28
You definitely need a strategic place for your business. It is an important key for a successful business. Unless it is an online business where you just need to locate the right audience but if you are seeking to own a physical place where people can reach you, you definitely need a strategic location.

There are many factors that affect the choice of location but the most important is the market for your business. Like you can't be supplying air conditioning in the North Pole when they don't need them. Locate the right people, then you can think about other things like Security, electricity, materials, labour etc. Those other decisions can be made around your location. It might even be a form of empowerment.
0 votes
by 6 12 25
Location in business is most definitely one of many key factors that has to be put into consideration when venturing into a business. It is not just of importance, but of strategic importance as stated in the topic above.
I like to think that choosing a location where a business will be domiciled is the first thing to be considered. It doesn't just depend on the type of business but all. You can't decided to open a cement selling business in a village where 90% of the populace build their homes with woods. That will be a strategic blunder. This is one of the reasons why location matters when starting a business.
The only reason I can come up with which doesn't really need location is online business as every potential client can be reached online. But still, online business in some ways require target audience: online version of physical location.
0 votes
by 3 8 17
Every business requires a strategic location for it survival no doubt about that especially if it is an offline business. There are two basic location that are very important in business, the marketing location and the raw materials location if the nature of the business is production or manufacturing. In the case of service oriented businesses the location needs to be where the targeted consumers domicile.
Most manufacturing companies gives more preferences to their location of raw materials so that it reduced the cost of production while their marketers do the marketing strategies to get customers to come and buy their products while some companies transport the products to market for faster Sales. Business without good location fails.
0 votes
by 4 14 32
I am still thinking how a business can survive without positioning the business center in a place that can attract a whole lot of buyers. The reality is that you will always have that need, as business owner, to situate your business in a place where you are going to achieve the following goals.
1. Mass Production: In business, we all know that the better the sales, the better that you are going to produce more. Having your business opening in a place where you will sell more will make you go into mass production simply because buyers will get to know your products more and that is going to spread your brand name to a whole lot of people.
2. Increased Profits: Unless you are running a business on charity purpose, you will agree with me that the major goal of going into any business is to make more profits. So, setting up your business in a place where consumers can easily find your products will boost your profits and ensure you can easily expand your business.
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