Factors to consider when choosing Business location
Factors to consider when choosing Business location
Topic A: Location
In Longenecker (2019) Chapter 9, we learned about the importance of a business’s location. This discussion explores why this is an important factor in business.
Use the following scenario for this week’s discussion.
Robert and Mary are thinking of opening their own funeral service provider. They both have over ten years experience as funeral directors. Mary has 3 years experience as a manager. They are looking to open a service in a suburb of Chicago with providers already established in the area.
Topic A: Initial Post
Discuss two (2) key factors which can impact their decision on a location for their business. Post an answer to this question using information from the text, your experiences, or from another quality source. Make sure to use APA formatting to cite your sources. Your written post should be at least 200 words in length or you may make a video response.
Expert Partial Solution
Factors to consider when choosing a Business location
Some of the key factors that can impact Robert and Mary’s decision on the location for their business include:
Competition: Robert and Mary should consider the presence of other businesses providing funeral services. The existence of other funeral homes in a given location might subject their business in unnecessary competition leading to financial losses.
Accessibility: Robert and Mary should consider local transport links especially main motorways and roads. Locating the business in a remote area can hamper its daily operations.
Potential for expansion: The dual should locate their business in an area where there are enough premises to accommodate business expansion…Read more
Other factors include:
- Security
- Demographics
- Site’s history
References
Longenecker, J. G., Petty, J. W., Palich, L. E., & Hoy, F. (2020). Small Business Management: Launching and Growing Entrepreneurial Ventures. Boston, MA: Cengage.
Surdea-Blaga, B. (2020). KEy fACTOrs fOr sElECTiNg AN OffsHOriNg lOCATiON. Review of Economic Studies and Research Virgil Madgearu, 13(1), 137-160.
Mohammed, M., & Luundo, J. M. (2020). A Novel Country Classification System for Choosing International Business Locations. International Business Research, 13(1), 29-39.
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