In putting up a new business, specially for those who are just starting on their first, one thing that should be given a lot of attention is the location of the business. Obviously I'm talking of those business that can't be hosted at home or just 1 or 2 blocks away from your house.
A starting entrepreneur must follow what, where and when the market demands your business. You can't sell ice cream during winter or in places where there is an ice storm. Well, you can, but what you will get will surely be less than what you spent.
A school supply store is a very good business during school openings. And of course, putting it in a short distance from schools and offices will be best. With this, you can easily provide the needs of students and office employees, and your business will have a better tendency of survival, or even to expand..
Right timing to open up a business is a starting point for small business owners. It's not advisable to open a Christmas shop in February. However, if you open up a business in the right time, you must also consider the seasonal changes. Will a Christmas shop sell after Christmas?
Location on the other hand must be chosen depending on the targeted market of your business and also the market value of the place. You should always choose the one that will survive seasonal changes. If I open a school supplies store in front of the school, will I still get customers once school term ends? An advisable place would be near offices and school so if the students are out, office employees will fill their place. It's all about great positioning.
Target market must also be considered. A diverse shop attracts more people. A general merchandise business has a lot more target than those niche business. A niche business is cool, but putting up one is risky and you have to conduct a survey first if the area has enough people that is into your business theme.So instead of just selling coffee, sell cakes and other pastries as well. And oh, make sure you sell newspapers too.
