The Marketing Mix Series – Place
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If you have a physical business location, such as a retail store or an office where you will frequently meet with your clients, location is key. Even more so, when you own a business that relies heavily on “natural” foot traffic, such as an ice cream parlor.

Many businesses underestimate this factor and choose the “wrong” location simply because it is a few dollars cheaper. Depending on your business needs, you will have to choose a location that will be easily accessible and visible to people.

If you need an office in a quiet area without distractions, look for one.

If you are opening a high-end restaurant, research locations based on average household income and competitor saturation.

The location of your business can make or break you as a business and have a huge influence on your traffic and branding. If you open a tutoring center in an area known for a high rate of crime, parents are not likely to feel comfortable leaving their children in that area and that can seriously hurt your business. 

Consider the following factors when choosing a business location:

 

  • Geographical area (e.g. weather)
  • Saturation of similar product or service offerings
  • Target market
  • Distance to a large grocery store (yes, even factors like this can make a significant difference in your clientele; if your business focused on children, such as we mentioned earlier (tutoring), parents may like to take the opportunity to go shopping while their children are being educated nearby)
  • Distance to city center
  • Accessibility
  • Parking Options
  • Visibility
  • Average household income
  • Spending habits
  • Taxes
  • Licenses and permits
  • Lease Options
  • Pricing

If you are building an online business, your location will most likely be a website. You will strategically have to choose your domain name to maximize your generic traffic through search engine optimization. Use this Quick Start Guide to set up your online business quickly and efficiently.