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Kavii SuriTop Contributor
GEEK | Content Writing Intern | Pursuing CS | Exploring ML and Data Science
Asked a question last year

How to choose the right location for your startup?

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When opening a startup one of the main things one need to focus is the size of market and the demand of product or service in that particular market. Your startup will grow in the market where the demand of your product or service is high. In addition to that a place where you have less competition will eventually help you to capture the market and establish your company. 

Kavii SuriTop Contributor
GEEK | Content Writing Intern | Pursuing CS | Exploring ML and Data Science

While looking for the right location, take these factors into consideration :-

  • Style of operation : Is your operation going to be formal and elegant? Or kicked-back and casual? Your location should be consistent with your particular style and image. If your business is retailing, do you want a traditional store, or would you like to try operating from a kiosk or booth in a mall or a cart that you can move to various locations?
  • Demographics: consider who your customers are and how important their proximity to your location is. For a retailer and some service providers, this is critical; for other types of businesses, it might not be as important. The demographic profile you have of your target market will help you make this decision. Then take a look at the community. If your customer base is local, does a sufficient percentage of that population match your customer profile to support your business? Does the community have a stable economic base that will provide a healthy environment for your business? Be cautious when considering communities that are largely dependent on a particular industry for their economy; a downturn could be bad for business. Now think about your work force. What skills do you need, and are people with those talents available? Does the community have the resources to serve their needs? Is there sufficient housing in the appropriate price range? Will your employees find the schools, recreational opportunities, culture, and other aspects of the community satisfactory?
  • Foot traffic: For most retail businesses, foot traffic is extremely important. 
  • Competition
  • Proximity to other businesses and services
  • Image and history of the site
  • Ordinances: Find out if any ordinances or zoning restrictions could affect your business in any way. 
  • Utilities and other costs