The importance of the location of a business
Would you set up a business just about anywhere? Or would you consider its location in order to generate profits? How location plays an important part in business strategy forms the topic of this discussion.
A few days back I was crossing a locality near my house while doing my morning stroll and observed a unique thing. There are two shopping complexes near my house and in between them, there is an open space where three roads meet and just at the turn of one of the roads there is a big footpath and a few parapets where in the evening time people just sit down and have tea or snacks in the nearby eateries. What I saw in the morning on that day that a person was selling some popular homemade snacks at very reasonable rates and many passers-by on bikes and cars were stopping their vehicles nearby and buying the snacks. Soon the fellow had sold all the stuff and was winding up. In my curiosity, I asked him about his business. He told me that the place was a strategic place for such a business as there was parking place available as well as the people going for their jobs in the morning find it very convenient to take the tiffin there. He was coming there at 7:30 AM and leaving at 9:30 making brisk business. Later he was working in another shop in the main market.
I realized that the location of the business was an important factor. What is your experience or view on this? Is the location so important?