ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to Indentify (Identifying) a Profitable Small Business Location

Updated on September 20, 2011

small business location

How to identify a profitable small business location

Finding a new business location which will guarantee the growth of your business is something that all entrepreneurs would love. With the right profitable business location you are set to outdo your competitors even when you are still crawling in your venture. When you are in the process of starting a small business, do not rely totally on your agents and brokers to make decisions for the location where you want to start the business.

Below are some factors to consider when selecting a new business location

Traffics

Evaluate what amount of cars and pedestrian are projected at your new selected site to start your business. Remember it is the traffic that count, the more people see your business, the likelihood they will either one day buy from you or refer somebody to your business.

Accessibility

When selecting a business location consider the fact that anybody who wants to buy from you can get you without many problems, are the roads leading to your business location in good condition and would not cause accident to your potential customers

Competition

What competitors are already doing the business, do you foresee many competitors coming to the location, if you think competitors might be many then you should take note that this is a good place to be since everybody wants to start business. Sometimes competition is good for growth and innovation

Zoning

Check on the planning department at city hall to determine the exact plan approved and environmental impact assessment and other regulations that may apply to the location

Parking space

Does the new location you intend to start your business have a secure parking and propely maintained space, people normally will come back if they did not have a problem with parking. New business location should have proper parking lanes.

Condition of the building or premises

Building start your business should be fairly clean, dirty buildings will drive away traffic, the building should have proper ventilation, good roofing to avoid water leak, no rusty walls with cobwebs all over the place. The building should be clean and smart


Insurance Policies for small business

Find out what type of insurance policy would apply to your selected premises, what cover would you need for your employees and asset, if you have leased the building find out from the landlord what cover he has for the building

Population density

The size of population will determine the traffic flow of the area; a densely populated area will have a higher traffic than a sparsely populated area. When selecting business locations you must take into consideration that the higher the population the opportunity for growth is very high and also take into note that areas with small population also have a high growth rate as people will be moving in slowly, for long term strategy you should consider such area

Income level of the neighborhood

Are people in this area have the capacity to afford what am offering, if they get difficulty buying what you are selling to them then, know that your products are luxuries to them hence you will not have a high profit turn over

Other factors to consider when selecting profitable small business location includes

  • Crime and shoplifting rates – the lower the crime rate the better
  • Availability of work labor
  • Consider your labor rate per and compare with what other small business are offering
  • Good infrastructure such as water, gas and electricity
  • Rental rates terms should be affordable when you are selecting your business location
  • Availability of transport for those who do not have personal vehicles

Below are some of the factors to consider when selecting a small business location. There are many factors that you can generate when deciding your business location.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)