Incorrect location
Monday 26th October 2009
The location of your business premises plays a very big role in whether your business; will succeed or fail. I have seen over the years many businesses fail because of being situated badly, to be fair, some locations have been great, until the Local Council or one of the Utility providers decided to start road works and the road was closed off.
All businesses have got to have a location that is both suitable and appropriate, very visible that will attract a good foot-fall. Retail shops and restaurants need a location where there is sufficient parking with a good flow of drive-by-traffic and of course a good foot-fall of customers with preferably next the no competition. On the hand manufactures and some service industries can be situated outside of the shopping areas but again they will require decent parking and availability for goods in and goods out.
Home working entrepreneurs seem to have an easier ride and it certainly looks a good idea. Although they need to look into whether they require permission from local authorities, their insurance company and neighbours may have other ideas of you doing it. I know quite a lot of entrepreneurs who totally work from home without any problems at all; I for one only need my computer and my study.
What you need to do, first
When your contemplating going into business, make sure that your Business-plan contains your market research. The things this should have taken into consideration should be the need for parking, foot-fall of people past the premises, yellow lines (parking restrictions) for deliveries. Other same or similar business in the area, going into them and looking and listening, this will help you decide. Review the population information and see if it will stand your market business. Is the population increasing, declining or is it reasonably stable is there shops and retailers open on Sundays and late shopping?
Look at the business trends in the area over the past few years, look at the number of new businesses that have opened in the past couple of years also the number that have closed down and any underlying reasons.
More information tomorrow.
