Business is not a one man show. Business is exchange of commodities for money. Business is vast and has a lot of opportunities. And for turning these opportunities into profits, one need to find a place that will be most useful to the business, from transport to customer inflow.
The mistake new businesses usually commit is that they establish their businesses in locations which are not suitable for their kind of business.
Selecting a land which does not provide proper water, electricity, and transport facilities, which is surrounded by a public which does not appreciate that particular type of business, which has high cost of maintenance and equally or higher cost of rent, and a land which is smaller for your business and has a lot of rivals will mean that your business is in trouble.
Prevention is better than suffering this case and suffering in a business can mean incurring of huge monetary losses. To avoid this you need to choose a land wisely.
In this article you will learn how to identify promising land for future establishments.
Look for Population and Possible Rivals
If you want to establish a business that has less chances of being rivaled and more chances of being accepted as an everyday place for consumers to buy products from, then it is important that you need to go for a small city that has a potential of a gradual increase in population every year. For this you can check population statistics of different non major cities in your country. I’m sure you will find many of such kind.
Travel and Analyze the Market
Once you have identified such a city, your next move must be to travel there and undertake a market analysis of the city. Go around the town and see if there are popular businesses that will directly or indirectly rival your business.
You need to look at the type of business that is appreciated in the particular city. Some businesses fail to attract the attention of the public. It is so because people of that city aren’t accustomed to those products and may not like what is being offered. Hence, depending upon the buying preferences of the consumers of that particular city, select your business.
Or if you have an expansion of your already steady business in mind, you can stick to your business and may take the risk or find assurance in the public’s taste.
Look for Unused Land
Next you need to look for land to set up your business. Most small cities will likely have land which has never been used. You can look for this raw land and strike a deal with the one you find the most appropriate for your business. There will be plenty of such land for your business. Big businesses like Wal-Mart, Home Depot, and Kohls do the same.
Going for Used Land is No Harm
If you do not find an appropriate unused land for your business due to reasons like size, cost, quality, location, problems with the seller’s verification etc, you can go for the second option i.e., to find a land that may already have been occupied before you and for some reason is now tagged as vacant.
There is no harm in going for a land which has already been used. If a land has been used before, it does not mean that buying that particular land will be a bad investment for you. There are various reasons for a land to be abandoned.
It could be that the previous owner of the business had decided to move his business to a different location in the city or outside it. It could be that the previous business wasn’t suitable for the consumers of that city or that particular location. The owner may have run into a lot of debt and had to forcibly shut his business down. Or it could be that the businesses was incurring big losses and had decided to close.
Hence, these reasons cannot be taken seriously unless you are directly connected to that business. The possibilities of your business being a hit, of you earning a huge profit even by establishing it in that used land are high. So, you can go on and buy a used land for your business.
Take a Note of the Basic Supplies Need for Your Business
You need to check for basic amenities for your business. These could be water supply, electricity supply, transportation, workers, and other services.
The above tips will definitely be helpful in selecting the right land for you to start your business. After all, business is not a one man show and rewards aren’t reaped overnight. Proper planning and wise decision making will take your business to new heights.
2 thoughts on “Identifying Promising Land for Future Establishments”
These are some great points to keep in mind. But sometimes when you are starting a new business, you may have to be in the main land of the city to reduce manufacturing and transportation costs. But again it totally depends on your business type.
That is a valid point. The main land is always the land of choice, but will be more of a investment and yes it will depend on the business type as well.
Thanks for stopping by and expressing your thoughts!
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