Monday, March 5, 2012

Trade Area Analysis

I have never realized that a lot of people would be asking me questions regarding finding the right location for their business. I have always thought that choosing the ideal location is easy as ABC. However, I have received queries through my email how to choose the right location for their businesses. They have emailed me asking if I can give concrete examples or tips on how to pick a spot for their business.

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Since I don't want to answer all the emails individually, I have decided that I will write about this and post it my blog in the next couple of days. I am also going to put illustrations or clear examples which will better serve people on how to pick the right location for their shops.

Just to start this lesson, I would like to tell our reader that choosing the right location for your shop all boils down to how well you know your target market. The first rule on choosing the ideal location is making sure that your shop is near your target market. You might be located near the place they hang-out or they frequently go to.

I want to also reiterate that there are several things you need to focus on and look at. These things are accessibility, barriers to entry, presence of competition among others. You can check it in my previous blogs.

Lastly, I will make this lesson into an e-book which you can download and use as a guide when you are going to expand your business. This e-book will be free of charge. I only pray that you share it with others in the hope that this will drive businesses to grow. We need more businessmen and entrepreneurs to move this country forward.

Thank you very much for all your emails and feedback.