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Factors to Consider When Choosing a Business Location

Choosing a successful business location can be a daunting task for entrepreneurs of all experience levels. It is, however possible to pick a retail location that works for your business with the right tools and resources.

The other day I was reading Business Insider and the interview with Sweetgreen co-founder Nathaniel Ru caught my eye. The section that interested me the most, however, was on Sweetgreen’s smart way of picking locations. When starting a business, there are many factors that you need to consider and surveying the area tops all of them.

Below are ideas on how to pick the best spot for your venture.

1. Demographics

The proximity to your customers and suppliers is a critical feature to consider while choosing the place for your business. You need a place that both can easily access. Most businesses in Kenya depend on walk-in clients. In this case, choosing a location close to a busy street will be a perfect idea. However, not all business require a location with high foot traffic. For instance, if your business requires high confidentiality, tucking yourself in a corner might be a better idea.

2. Competition

While some business does better in a highly competitive area, others don’t. Depending on the type of your business, consider whether your neighbors are complimentary or competitors.

3. Future expansion of the business

You might start small, but in future when things get better, you might consider expanding. Make sure the location you pick gives you the required expansion space when time comes.

4. Security

We have to agree that not every corner of our beautiful country is secure. While choosing the place to start your business, you need to ensure it is secure, both for the business and your customers.

5. Accessibility and parking

The worst mistake one can make while picking a place for their business is choosing a tight corner. Make sure your business is located in a place where customers, suppliers, and employees can reach without much struggle. If possible, you should have a private parking or at least a parking nearby.

6. The history of the site

Again, choice of business spot depends on the type of business you want to run. Sometimes, it is necessary to do a little ground check about the location before erecting your business. For instance, if you are keeping a grocery, and there have been four other groceries before you, all of which failed, then you should consider changing location.

Making the wrong choice while picking a business location can cost you heavily. Do your research well; you can use co-tenants or other business owners in the area. If you nail it in picking the spot, then you will without a doubt prosper.

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