Why location is important for any start-up business
Location plays an important and significant role for the business in Thailand that involves selling of goods and services directly to their consumers. An entrepreneur has many more concerns like staffing, funding, marketing strategy and availability of the product or services. But before initiating this process, location needs to be selected. Choosing a location for a new venture is one of the toughest and crucial decisions for an entrepreneur to make during the planning phase of launching a venture.
A location can make the business or can break the business. Your business location is the key to successful operation and also responsible for the overall growth of the business. Choosing a bad location for a new venture may result in failure of the business. Locations may vary depending on the kind of business the person has chosen to do. A variety of features would affect the suitability of the business. Hence, the following points are important or required before deciding location for a business that may contribute to success of the business in the near future.
1. Consumer convenience
Customers are considered to be king of the company in Thailand. The location should be located in such a place where it would be easy to draw more and more consumers. In other words the site must be convenient for the consumers to make a visit to the place. For example if the location is too far away or out of reach of the consumer, then the customer would not be able to make frequent visits to the store. Hence, it should be easily accessible which gives a feeling of safety to the consumer while making a visit to the place.
2. Operational and equipment spaces
Requirement of the space may depend on the kind of business a person is planning to do. Therefore the requirement may vary from person to person. Therefore the location chosen for the business must have ample space for the equipment required for producing their product and services. For example, for a manufacturing company, it requires extensive space in order to keep their products and inventory. So product and services must be kept in mind while choosing location for their business.
3. Operational expenses
Selection of location for a Thai business can influence the total cost of operation. Renting may vary from one location to another location. So an entrepreneur must be very careful while choosing the location for its business depending on their budget. For example a person renting a storefront in a popular or highly trafficked mall is likely to get more expensive as compared to opening a store in less commercial residential areas. Depending on the size of the pocket of an entrepreneur and the kind of business getting involved, a location must be selected or chosen.
4. Parking space
Facilities and safety must be kept in mind while choosing a location. Ample of parking space is needed for customers as well as for their employees. If enough parking spacesare not available or if it gets tough for the consumer to look for parking space, they may choose to visit your competitor who offers the same qualified services with convenient amount of parking space. Location of the business site must have enough space to facilitate their consumer and employees for parking near the location
5. Service and sales
Location has got a huge impact on services and sale of business. In other words business sales and services opportunities are greatly affected by the chosen location. Yourselected locationshould be able to focus on the target consumer and at the same time able to generate walk-in-traffic.
6. Taxes and regulation
The selected location of a business in Thailand also determines the state and the local taxes that the owner of company needs to pay and the regulations they need to follow. So the owner must be careful while selecting the location because the state tax and income tax may vary from place to place which can have significant impact on the earning of the business owner.
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