No Comments

Location Isn’t Everything – The opposite of what you’ve heard

business tips

When we talk about the recipe for building a great business this saying is often mentioned.

Have you heard the adage – location, location, location? It’s likely that you have. When we talk about the recipe for building a great business this saying is often mentioned. Location by many is considered to be the most important factor in becoming profitable.
The physical address and features of a property are undoubtedly a prominent consideration. The neighbourhood, surrounding established businesses, demographic breakdown and traffic data are all important. There is a misconception however. Relying only on location is not a guarantee that a business will become successful. In fact, it’s only one part of what should be a larger and more comprehensive development strategy.
Some people are of the mindset that they are entitled to or will be guaranteed overnight success by merely opening their doors to the public. For those with this expectation it’s as though people will flood into their new establishment the moment they flip the light on – eager to give them money. Businesses will often fail and customer service will be poor when owners take such a narrow minded approach.
There are several factors beyond location that go into building a great business. These are often neglected or ignored completely as contributing factors to a businesses success or failure. People generally default to blaming the location, the traffic draw of adjacent tenants or neighborhood before examining the inner workings of their particular business for reasons why it will or will not be successful. Here are some major factors that require thorough and well executed strategies for any venture to have a real shot at success: 1) Great product and service 2) Excellent customer service and customer experience 3) Marketing brand awareness strategy 4) Customer acquisition and retention strategy 5) Reliable and smart management 6) Healthy startup capital .​

Until next time,

– Mitch Gauzas –

Comments (0)