Location

0 followers

1 question

0 posts

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. 

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:... (More)

The location depends upon the type and nature of your business. If you are into manufacturing, you need to keep in mind the location to take of the logistics and then there are service-based businesses which operate remotely which does not need a specific location. Businesses should always cater to the needs of the geographical location you are launching the business. This helps to strengthen your business model which in turn will help you expand your business to other geographical location with ease.

Also "It’s hard to start a company from the ground up without the support of others who have been there, There are many mistakes to be avoided or lessons to be learned from seasoned entrepreneurs."

One way that startup founders can utilize other entrepreneurs in their area is to trade tips on finding investors. Since they’re already near the people looking to fund new businesses, founders can easily meet with them.

A big issue for startup founders is that they might not have the capital to afford office space in expensive areas. The only way to overcome is to do the best with what you have and concentrate on networking and go to events so the that the tips traded are not missed by you.