How to choose the “best” location to buy land?
Here we have given a small guide that will help you decide the best location for you if you are interested in buying land to start up a business.
If you want to start a food stall or a restaurant or plan to go into the retail business, it is very important that you choose a good location for your business. It is also important to choose a good location when you are about to start a production or manufacturing house.
To evaluate the location that you have chosen, answer the following questions:
- What is the total cost of acquiring the property?
- Does the site provide as much space as you need?
- If customers visit your place of business - Is adequate, convenient and safe parking available? & Is public transportation available?
- Is the location likely to develop "drop in" or "impulse" consumer traffic?
- Is the site located at a popular area (E.g. Near a movie theater or a shopping complex)? If not, you will have to spend a lot of money marketing your product/service and it will eat into your profits!
- What other types of businesses are located around your site? Are they going to compete with your business?
- Is fire protection close by?
- Are basic utilities available (E.g. water, electricity, sewer, gas etc.) at a reasonable cost?
- Are you going to be transporting products from one part of India to the other? If so, are the expressways located close to your location?
- What is the history of the site? What types of businesses were previously run at the site? Why are these businesses no longer there?
After seeking answers to these question you will be able to get a good judgment of how good the location you have selected is.
In some businesses some questions are more important than other questions. For E.g. If you are in the manufacturing business, you will not have too many customers coming to your site. So you do not have to bother about customer parking. If you are in the retail business, customer paring is an important factor.
Next - Things you “must” check before you buy land! >>
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