Is your business really at the right location? However, you will get to know after you finish reading this article.
Having your business located in the right environment is very important if you want it to be successful
entrepreneur. The site of a business venture has a huge say on the welfare of the business, and represents the
reason a lot of thought is given by startup entrepreneurs to where their business is to operate from.
Have you ever asked yourself why most of the thriving companies in Nigeria are located at Lagos, Abuja, Port
Harcourt, Enugu etc? Even in the US, most successful companies are located at New York, California, Silicon
Valley etc. A metropolis, due to a large number of inhabitants is a more fruitful place to run a business.
Here is how to know if your business is at the right business location
1. Steady Stream of Customers
Your business will experience a sharp decline when the number of customers begins to drop. The ideal business
location should be compatible with the law of demand and supply which provides steady stream of customers.
A good business location should possess the ability to always provide those who will buy from you even when
market competition gets tougher. It should be closer than far to your clients and at the same time accessible.
2. Availability of Raw Materials
Availability of raw materials is the best thing that can happen to any business.
A cement industry should be located in an environment where there is availability of limestone and other
3. necessary raw materials
An oil company should be located in an environment where there is availability of oil like Rivers and Bayelsa state.
However, it is very important that you locate your business in a place where there is efficient supply of raw
4. Adequate Security
Your safety, goods and customers safety should never be compromised in a right business location. Running a
business in a serene environment make clients feel at ease when they visit your firm and confers a degree of trust
to your enterprise.
Employ security guard if your business can cater for it and ensure security agencies are only a phone call away.
5. Availability of Basic Amenities
A healthy transport link, standby electricity as well as other public provided amenities should be obtainable
wherever you decide to set up your business. This will save you extra cost that would be incurred if you go about
providing these for yourself while also making job/tasks easier to meet up with.
Capacity for the future
The ideal business location must have a long term future, entailing that you can also carry out future expansion
work on the location. It should boast a guaranteed duration of at least 50 years or above.
Always switching business site will make you lose clients from time to time which are an ordeal you do not want to
If you’re a renting the business location, then make sure the structure will be able to serve you till you get
enough money to build yours.