Right Location, An Important Factor To Consider When Setting Up A Business
hive-167922·@samminator·
0.000 HBDRight Location, An Important Factor To Consider When Setting Up A Business
<div class="text-justify"> A lot of businesses have suffered losses and even gone into bankruptcy simply because of wrong location. No matter the kind of efforts you put in the wrong location, it will not yield as much returns as it would have if it was situated in the right location. As a matter of fact, having a right location for your business has already given you a plus and placed you in the path of success in business. This is why, after you have identified the kind of business you want to invest in, that is the "what," then you will identify the location that will be best for it, that is the "where." <center></center> <center><sub>Image from [Pixabay](https://pixabay.com/illustrations/silhouette-network-location-points-5808770)</sub></center> That everyone you know is doing a particularly business or that you have read that a particular business is lucrative does not not mean you should jump into it without having proper feasibility studies conducted which includes location. There are some businesses that are so location-sensitive that establishing them in the wrong location may kill the future of the business. There are some business people that have failed at business, not because there business idea was not potent enough, nor because they did not invest a substantial amount of capital into the business, but because they chose a wrong location for the establishment of their business. If you are into agriculture, especially crop production, you will understand the need for being location-conscious. There are some crops that normally do well in certain locations but if you take them to another location, they will just be struggling to survive and may yield poorly or none at all. For example, in Nigeria, even though the Northern part of Nigeria (the predominant Hausa people) are amongs the biggest consumers of Kola Nut, they do not grow it because of the condition of their weather. Kola Nut is chiefly grown by the Western part of Nigeria (the Yorubas) because of the conducive nature of their own weather in relation to that particular crop. Imagine if some from the North decides to grow the crop because they consume it more, they will end up struggling in vain. In business, location is as important as the nature of business you are going into. A friend of mine started a "books and stationery" business about 3 years ago. However, for the first 2 years of the business, he was struggling and even barely had any profit. While we were discussing about it, I discovered that where he situated the business was in a residential area, inside an estate, and the people there are majorly working-class people and the patronage was not much because they go out in the morning and come back at night. I then advised him to look for another and a better location for the business. I even suggested a location close to a school because they will need the services more. He heeded the advice and looked for a location just opposite the hostels of one of the universities here. Even though the rent was way costlier than what he was paying in his former location but I told him it will be worth it. When he got to the new location, he discovered the students normally trekked for distance to buy stationeries before but now they patronise him because of availability. Within just few months into the new location, he made enough money to open other shops in other strategic locations and even employed salespeople to work with him. You see, same business, but location made the difference. <center></center> <center><sub>Image from [Pixabay](https://pixabay.com/photos/traveller-searching-finding-gps-3213992)</sub></center> If you discover that your business investment is not giving you the kind of returns you had expected even after you have put in your possible best, before you conclude that the business is not potent, consider the location, it might just be a problem with wrong location and not wrong business idea. It is also worthy to note that location requirements are not constant - they can change with time. For example, if you are a power generator mechanic in a location where the populace use generators predominantly because of the irregularities in the power, you will make mega money. Obviously, people will be bringing their generators for servicing and repairs. However, if their power company fix their electricity and they start having electricity 24 hours everyday, then it has become a wrong location for you. This is because no one will use generator and no one will bring it for servicing and you will be out of business. As you establish your business, you should always be sensitive about the requirements of the location. Remember this; the success of your business (or the lack of it) is heavily dependent on your choice of location, so choose with discretion. ***Thanks for reading*** <div class=phishy>Peace on y'all</div> https://files.steempeak.com/file/steempeak/samminator/htu0yqPT-unknown-2.png https://files.peakd.com/file/peakd-hive/samminator/242humvD58PJ6Y9Tgr8yEcPhbgmtiQCBYijcLDxqsQrjETUiqVUGwaYMZX3uuxN1C9fV6.gif </div> Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@samminator/right-location-an-important-factor-to-consider-when-setting-up-a-business)
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