When starting a new business, one of the crucial things to consider is to find the right place.
The importance of location in a business has been stated by Jezz Bezos, founder of Amazon. He said the three most important things in retail are location, location, location.
Not only for retail but also food services such as restaurants, food stalls, food trucks, cafes, coffee shops, and catering. However, some people have difficulty choosing the right place to open a new business.
Here you can find the list of the most important considerations for entrepreneurs when launching a new business so that you can narrow down your choices and come to a decision.
1. Understand your target market
Think about who your target audience is and where they live. Have thorough research on demographic aspects of your local region, especially in the area that you preferred. If your business depends on foot traffic, you want to be near to where your target audience is.
2. Accessible for everyone
After you figure out who and where your target audience is, make your business location accessible to them. The place you choose should have easy access and be easy to spot.
3. Enough parking spots
The other thing you should consider is to have enough parking lots. One of the factors that will attract your customer if the cafe or restaurant has convenient parking access because they don’t need to walk too far. For some cases the place will have limited access then you should consider providing valet parking in the area.
4. Affordable rent and land value
Commercial spaces exist in a variety of sizes, styles, and a range of prices. As a result, you must assess the cost of renting (or, if you want to purchase, the cost of paying a mortgage) and decide if your business will generate enough revenue to cover these expenses.
Choosing Business Location With LOKASI Intelligence
Luckily today’s technology can expedite this process with AI, machine learning, and advanced analytics. These technologies made it possible to make intelligent decisions from very complex data, and produce insight related to business needs.
Meet our technology LOKASI Intelligence. An analytical tool for capturing, storing, manipulating, analyzing, managing, and presenting geographical or geographic data in a map to make all kinds of big data simple to comprehend and valuable for companies.
Geospatial data is used in LOKASI Intelligence to understand consumer characteristics and geological facts about a location. We visualized these Big data to help businesses make better decisions.
In addition, it offers multiple data that includes demographics, socioeconomics, point of interest, and more.
Through the LOKASI Intelligence platform, you can access demographic data such as gender, education, age, occupation, population, religion, and marital status.
LOKASI Intelligence also shows information about socioeconomic status. SES visualizes the condition of an individual or society which is reviewed from its economical point of view, like the land zone value, expenses, and car ownership.
LOKASI Intelligence platform defines SES into four categories, Low, Medium-Low, Medium-High, and high.
Point of Interest
Lokasi Intelligence provides information about the points of interest in a specific area. This information includes cafes, ATMs, banks, Small shops, fast foods, restaurants, food centers, elementary schools, junior high schools, and more.
When those data (demography, socioeconomic status, point of interest) are combined with machine learning, it will provide actionable information that is related to your business needs.
LOKASI Intelligence has two features that can help business people to do the analysis and find the right place for their business, they are site profiling and grid profiling.
Site profiling is a feature to capture information on an area that is limited to a certain radius or travel time by using the means of transportation that can be selected to obtain a profile of an area or to create an area coverage boundary.
Grid Profiling is a feature to divide an area into a certain size grid with certain variable criteria related to business requirements to produce simple analytical data about the profile area in the grid.
Tips from BVARTA
Choosing a strategic location is one of the most important factors that can affect the success of a business. By setting up a business in a strategic location, it can provide easy access to our customers and it will help generate maximum profits for the business.
If you are considering opening an F&B Business, those tips can help you but remember finding the right location manually are both time-consuming and costly.
By using LOKASI Intelligence, businesses can receive detailed information of a particular region to have a better understanding of spatial aspects including demography, socioeconomic status, point of interest, and many more instantly.
Find out more about how we can help businesses to find a strategic location, please contact email@example.com or WhatsApp at 087777977731.