The following are 6 things you need to consider when a startup’s location is chosen

1. Be around the Mother companies– A pillar or mother company provides the start up its capital and the employees and buys their services too. The profits of your new startup can be boosted by locating your company close to the pillar company. By placing your office close to the pillar company you can hire engineers or other necessary personnel who are well experienced and have led the company in many situations in the past.

2. Search local educational institutions– Good ideas and talent are required to boost your startups market share. To get some employees with good talent and fresh ideas, it would be good to locate your company close to educational institutions. With good talent your start up will get all the necessary boost that is required. If you are starting up a fashion business, it will be ideal to locate your office close to a fashion university or college. If it is not possible to locate your office close to a university or college and you cannot outsource your work, then consider a location at which your employees can be educated.

3. Locate your startup where its value can be shared– Usually the entrepreneurs choose to locate their business at a place where they reside or want to reside. That choice depends on whether its value is shared by the community or locality where your startup is placed. Submit your startup here, It would be better to choose a place with good diversity.

4. Locate your company at places people reside mostly– It is important that the headquarters of your company are located at a place that is easy to commute. This way, it will attract all the necessary employees which is required. To attract good talent locate your headquarters at a place employees will be ready to work. This way, you can persuade the talented people to join your company without having to change their commute.

5. Be close to your investment sources– It is natural for your startup’s investors to be located in close vicinity close to the company they have invested in. Therefore, it would be good if you are placed close to the office of your capitalists. When you are located close to your venture capitalists, you can interact with their executives and arrange meetings etc. If it is your intentions that an investor should invest in the startup and help in its growth, it helps to be close to your investment source.

6. Be close to your mentor– As you are new to the business, you will need someone to mentor you and help you with your new startup. Therefore, stay close to the mentors who will guide you in your business and help it grow. It would be easier for your mentors to give you advice if you stay close to them and can meet them often. You can understand and share their visions and market analysis which will help you with your business. They will be of help to you whenever a problem arises with your startup, but some mentors might be busy and have only limited time, therefore it would be best if you stay close.
These are 6 factors that a start up owner needs to consider when choosing a location for their startup.

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1. Do some research

Before you put your ideas into practice, do some research for resources and tools that might come in handy. There are some software programs to automate the task too. You can seek for help form business development centers, private courses, seminars, online classes etc. you should not hand the job entirely to a consultant, try doing some of the job yourself too. A good consultant will charge you $5000-$10,000.

2. Pair concepts with number

A business plan needs quantitative and qualitative analysis. Business plan is not just about putting to paper what your idea of a business is about. You will need precise numbers and verbal description of your business plans. First write your business concepts and then move to the finance part. When done, you need to interpret the concepts with your finances. The concepts of your business will not have any validity without the financial planning.

3. Be realistic about your ideas

One of the most made errors when writing a business plan is to overestimate your revenue and underestimate the expenses. The revenue estimates need to be improved by target marking and then the revenue and expenses should be interpreted based on the market.

4. Make cash flow projections

You must make the overall cash flow projection of profit and loss and a projected balance sheet as well. You need to calculate the break-even points too where sales cover the costs. Research financial ratios of your business industry.

5. Marketing is crucial

The first thing you should do is to develop goals and then conduct a market analysis which consists of researching, identifying the target markets, market trends assessment etc. based on these you need to make strategy which consists of sales, promotions, networking, customer care etc.

6. Target marketing

Many small businesses suffer because they are desperate for customers and are thankful to anybody who buys. This will not lead to success, so you have to target the right customers who will mean a difference between success and failure.

7. Do not assume

Usually small business owners assume what their customer expect before doing some research of their own. This will not lead to any success. Since your future customers are buying from your competitors, do some research on them, note what they are selling and their marketing strategies etc. this way you will learn how they are trying to attract customers. Try implementing some of those ideas.

8. Find the right match

The small business owner must figure out what customers will help them achieve their business goal. Which customers are valuable, whether a lot of people are buying or only few people who buy all the products, are the customers a business owners or individuals etc. Business owners should identify these traits so that business organization becomes easy and customers keep visiting.

9. Use market research tools

To develop you business check the free market resources available in your area to find out which market segments are flourishing in your area.

10. Service

Small business owners lose consumers because of poor customer service than poor products. Your business has to have a good marketing tool which is providing good service to your consumers. Every time you provide good service you market yourself and improve your sales.

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