There are many important things you need to consider before kick starting your startup such as funding, branding your product, hiring staff and the list goes on. But one the biggest dilemma faced by any entrepreneur is, deciding the location of the business. On the startup extremes, location is one of the most critical success factors. With ever growing market of Indian Startups, budding entrepreneurs need to choose the right location and give his or her startup that X factor.
Before you start looking for business space, you need to have a clear vision of what you would like to have, where you would like to have and how much you are willing to pay. While many things can be reversed if they go wrong, what cannot be reversed is the location of your startup. So it is one of the most enthralling yet tedious tasks for any entrepreneur. The geographical location of your business should take care the given below factors.
Decide the type of your Business operations.
If your business is a formal and permanent one, you should go for a traditional store in a posh location and if it is a casual one and not permanent, you can look out for a booth which can be moved anywhere.
Demographics
Business involves sale and exchange of a product, and it’s the customer who is the king of the market. It is important that your business is in proximity with the customers. Demographics is the most influential factor in a retail business. You decide the location of your business keeping in mind your target market.
Foot traffic is of extreme importance. Never choose a place where people might bypass you. A dead spot might kill your business.
Vehicle Parking
Shoppers usually prefer places with easy vehicle parking and accessibility. If your business is on some congested busy street, it might not attract supplier, employees or customers. Any business is lousy if it not accessible. There might be difficulty in importing and exporting goods, adding further to your menace.
Competition
Having your competitor nearby, can be both an advantage and disadvantage. While if you choose the location where there is already a competitor, it might bring you existing customers of your rival on the other hand it can make your marketing job tougher too. Keeping your enemies close is good but how close is what you need to decide on.
Infrastructure
A good and vivacious infrastructure attracts shoppers quite easily. The infrastructure of startup should fulfill the requirement of all your operations and should have power backup, 24/7 water supply, telecommunication services and air conditioning.
An objective evaluation of all the factors will spare you from the cost of an execrable location. To make sure your business doesn’t lack anything, seek advice from Startup India Consultants. They will give an edge to your startup from idea till execution.