Does my location dictate my business income

[Carpon]

This is a good topic to analyse, because I have at so many instances met people arguing that some businesses are never able to flourish in a particular location.
This is true because of many factors including the following;

• The level of need of the goods and services that a business provides

• The population of the area: if there are a few people at a place in a particular period and time, businesses in that place will not be as buoyant as those in highly populated areas because of the difference in level of patronage among others.

• The economic class of the people living in a place. If your costumers are not people of the upper economic class, you know for sure that your business profit will differ from that of those operating in a place occupied largely by persons of high economic class.

What are your views on the effects that a location has on businesses?

 

[Augusta]

Yeah, it is one factor that can make or mar a business progress. This is why it is always stated that one must look out for a better location when trying to establish a business. Like you rightly stated the economic standard of a people can make a business grow and not.

if you establish a business where the economic situation there is favourable and the people economic standard there is high of course the business will boom very well. But if the situation of the location is dull then you would expect your business to be dull.

Even with the price of things. If you are in the rural location you would have to sell your things cheaper than those in the urban location. So this means you would be making less profit than those that sited their business in the urban centers. So it is good to site a business in the a good location.

 

[Bestla Jensen]

I actually don't think it depends on your position. You can change your position, but it's more about changing your knowledge than your information.

 

[Suba]

Based on the marketing mix, location or place is very vital as a strategy in business start-ups. In determining the location of our business, we must also consider many factors such as easy access. visibility, expansion, competition and local government regulation. As a result of choosing a location or place of business that is less strategic, it can result in a lack of buyers, difficult transportation of goods, and the worst result is bankruptcy. So choosing the right and strategic business location will allow attracting consumers and increasing sales.

 

[maywarren]

No, it should not dictate your income. This is strange.