Location, Location, Location by James Huy Vuong

Written by James Huy Vuong, Founder of Your Accounting Partners: Location, Location, Location by James Huy Vuong

If you desire to deal face to face with your customers, then, you should carefully decide on the location of your business. Otherwise, a bad choice can cause you to suffer problems which are difficult to fix and at most, may even hinder your business success.

 

Location type

Preferably, you would want many customers coming in your store. Thus, in choosing your business location, it is important to consider how customers can reach you. Are they likely to walk pass or drive? Is it better to be near competitor or complementary businesses to draw more customers? Would your target market be suitable on the area’s demographics?

Suitability

It may be a given consideration in business, but choosing a location that best fits your business is sometimes taken for granted. It should have been an important decision but most of the time, simply neglected.

Take careful consideration in the present and future needs of your business. Will you require a large storage space may be not now, but in the near future? Is internet connection necessary and easily available? Will local zoning laws consent on your operation in that area?

Examine the cost

Ask advice from brokers and representatives about leasing or property rent cost when preparing your budget. After that, identify how much you can practically afford.

Most of the time, you would need to pay more for a better location. However, if you have the money, you may forgo part of your unimportant item to add to your budget for a good location. By this, you may be able to attract more customers.

Illustration

Sarah and Amy were planning to put up a business which sells children and babies’ clothing and accessories. During their research on choosing a location for their business, they figured out that most of the people living near their area were university students and professional couples. They concluded then that even if they would have a great facade, it would not matter much as it would not attract lots of customers.

After searching for better options, they discovered a location where younger families reside. Lease costs were also reasonable. They thought to look for an area with a car park as most parents may be bringing their children with them when shopping.

At last, they struck gold when they found an available shop with plenty of parking, located in a precinct, near a child care centre. There were florist and gift shop, a clothing boutique and a popular café in the precinct. The rental cost was higher than what they expected but they reasoned out that it would be a good investment to attract the right customers.

Next Step
  • Understand your principle business needs.
  • Research carefully on the demographics of your desired business location.

About the Author

James Huy Vuong the Founder of Your Accounting Partners, a Brisbane based Business support agency. Specialising in providing bookkeeping, accounting, tax and compliance, business valuation and business sales services to local small business owners.

His passion for business was evident very early on at the start of his career in accounting. He embarked on an unconventional path away from the traditional position with one of the big 4 accounting firms like most aspiring young graduate in his field. He decided instead through the lure a more diverse role, more pay and a much cooler title to work with Australia largest telco as a Business Specialist. He entered the world of business management and ownership in the hospitality industry for the invaluable hands-on experience one could not get just by reading textbooks, understanding debits and credits and passing exams. Huy has also spent a good part of a decade in the financial services industry owning and managing his family business which has lead him to start Your Accounting Partners. Your Accounting Partners sets out to help time-poor, frustrated business owners do better business by partnering with business owners on their ownership journey and making it together. Your Accounting Partners specialises in hospitality, service-base & professional services businesses. His mission is to help business owners use their business to give back to the family what it takes out. When it comes to business we say “You focus on what you do best, partnering with us and we’ll take care of the rest”.

Email us at hello@youraccountingpartners.com.au or call 07 3668 0646 if you need assistance and support with your small business from start, scale thru to sale.

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