While it is always easy to start own business from the backyard, it may not be advisable to do so. (Now don’t tell me that even Bill Gates had done so). Location of business makes lot of difference to success.
There are many factors affecting your choice for business location. These factors can be categorized into three – costs, potential and personal. Costs include property value. It makes lot of sense to move into a mall with a large number of guaranteed footfalls, however rental costs may not allow everyone to just do that. Costs are also affected by the state taxes.
Potential means either you are located near the source (manufacturing) or market (end users). You may have noticed that many steel retailers are located near the steel factories. This decision depends on the type of business.
Personal factors like family scenario, time consumed to and fro, etc should also be considered before reaching a decision on the business location.« Return to all articles