Today, Gary Saitowitz entrepreneurship and lifestyle are blending in! And that has made potential entrepreneurs consider the relevance of location when they are planning for a start-up venture. There are two ways to look at the location. The first is the physical aspect when you want a brick and mortar building for your business. And second, it’s where an entrepreneur wants to reside. And both these aspects have many essential variables.
aspect of location
Let us delve
into the physical aspect first! Other entrepreneurs and business leaders must
have emphasized the relevance of your location. And irrespective of the rise of
virtual communication, cloud business and technology, you need to select the location
depending on the customer base. Are you thinking about the relevance of
location for your business? If yes, you need to review some of the questions
- Does your business’s success depend on consumer traffic?
- Is your business location essential for the consumers?
- Is your brand visibility essential for business growth?
- Do you need to depend on the local suppliers for the goods?
- You have any competitors close by?
- Do you have to adhere to any legal implications?
- Will your customer base change in the same location within another 10 years?
The relevance of positioning
Similar to brands, you also need to position your business if you are thinking of large-scale expansion. The positioning also comprises of multiple factors, from product price, service, business promotion (offline and online) to the location itself. Are you planning to start a company, depending on your lifestyle? If yes, then your current location is what you must consider crucial. It is necessary to understand whether you have the resources to expand your business in the location you wish to reside in. And also for further evaluation, you need to take a look at the following questions:
- Is it possible to find the exact talent you need in your city?
- Is the state you want to or reside in has favorable tax policies for online sales?
- What is the cost of living in your city?
- As your business expands, what’s going to be the cost of house employees through business and also rent expenses?
- Does your state/city have a favorable entrepreneur network?
- Does your city/state provide a stable investor base?
Today, Gary Saitowitz very few entrepreneurs, therefore, consider location is an essential aspect of their start-up business. For instance, it is a smart call to establish your business in San Francisco. But you might have to witness high expenses. And also you might want to live in Austin as well? In such a situation, you need to evaluate whether starting your business at Austin brings benefits to you at all levels or not.
It’s essential to think long-term when you are getting on an entrepreneurial journey! You need to think about the product and also service you want to offer and also whether your location allows you to stay in business sustainably for the longest time. Entrepreneurs need to consider the location aspect even when they are planning a business expansion. It is essential to narrow down the cities’ most profitable to their business and also to set up centers. Going all out might not be a good idea.