What are the major factors affecting location decisions?
8 THINGS TO CONSIDER WHEN CHOOSING A LOCATION
- Competition (Is it shark-infested water with too much competition?)
- Cost to operate (rent, manufacturing costs, etc.)
- Target Customers (they need to be in abundance)
- Low income- (Cannot get the pricing you need)
- Staffing- (Hard to staff with the talent you need for this type of industry)
- Advertising costs (too high for the cost to acquire a customer. Example: New York, LA, Washington DC. etc.)
- Airport Location (if you need to travel how far away is the major airport?
- Cost of living (How much will you need to pay staff to have a livable wage? Example San Francisco, New York, etc.
