Finding the best location for your business in Lagos, Nigeria is an ideal thing that anyone interested to start a new business must do.
There is no doubt that ‘idea’ is of paramount importance to every business plan, but a little beyond having a good Lagos business idea, there are other factors that should be deeply considered in starting a new business in other for it to grow.
One of these major factors is answering the ‘where’ question, which is considering a good business location. The location of a business is of importance to the growth and success of the business.
Choosing a good business site is as critical as the capital and the product or service at hand.
As a matter of fact, getting a business site should be the foundation of any business strategy; its importance to the success of the business cannot be overemphasized.
When it comes to choosing business sites, I have particularly noticed one of the major problems is fear and uncertainty, to this I have also been a victim.
Whereas many startup errors can later be corrected, a poor location choice is more often than not difficult to correct. In a bid to localize this, I would like to narrow this discussion to Lagos.
One of the mistakes Lagosians (both at home and in Diaspora) make in choosing a new business site, especially in large scale businesses is that big shot cities like Lagos, Abuja, and Port Harcourt are not duly considered because of the fear that a lot of investments are made by people and companies, choking up these cities.
This is not to forget completely that there are other cities, regions, towns, areas with resources waiting to be taped and invested in within the country.
Nigeria is richly blessed, beyond measure with good sites that despite suffering from security challenges, power failure, unemployment, economic crisis, corruption, infrastructural decay ETC, still stands tall as the biggest/largest economy in Africa and one of the fastest-growing worldwide.
However, choosing a perfect location for your new business in Lagos begins with you, as an individual, your business innovation or idea, your in-debt knowledge of the business, your skill and competence also counts.
Having had a good enough knowledge of what you want, you begin to get a clear picture of the ‘where it should be. Your desired type of business will determine the region, state, city, and area to locate your business.
In answering the ‘where there are certain factors to be considered, as highlighted below:
Choosing The Best Location For Your Business in Lagos
Whatever area you may have in mind, it is always very important to research the vicinity.
Consider the history and image of the site, change in climate/weather, the economic sphere of the community, the stability or instability of the economy of that area, and how it may affect you is important to your business.
Your type of product or service that you intend to render determines the location. Is it a formal or casual setting, what is the required standard?
Also, put in mind the health implication in cases of industrial business, how will it affect the individuals resided in that area, will it require mixing of chemicals and other possible dangerous things?
If yes, such businesses are not advised to be located amongst individuals because of their health hazards.
You must answer the consumer question. Because the location of the consumers of your product should more or less be your first consideration.
That is, this product or service you are marketing, who will consume it? How accessible is your site? How good is the road to arrive at the point for both pedestrians and automobiles?
How difficult or easy is it to locate the place even by simple description? ETC.
Capital is one important factor. Depending on whether you can afford it or not, you should explore options and settle for the one you can afford; but even if you can afford it, it is necessary to know if paying a high amount in that location is worth the risk, whether you are sure to make returns enough to keep up the rent.
Self-sacrifice. You also count in this decision-making. The type of business may require that you relocate, or be a perpetual traveler from state to state country to country.
The bigger question is how much are you as an individual willing to sacrifice when it probably involves always being on the road, having your own pleasure time, leaving your comfort zone, and lots more?
Handling competitors. Most mistakes people make in setting up a new business in Lagos is avoiding competition, small scale business especially prefer to set up in areas where they alone dominate.
Well, to correct this notion, I say completion is good and healthy for business.
Locating your business where there are competitors simply means there are a lot of customers, it is up to you to be on your toes and step up your game.
Proximity alone captures a lot of other things. The proximity of your location to your customers, to your employees, proximity to raw materials you will be needing now and then, proximity to your business consultants to other businesses and services.
The security of your choice of site is paramount. Nigeria as a whole has been for some time now suffering from security challenges.
In choosing your business location in Lagos, having made your necessary research and asked possible questions, you must know the security state of that environment, for your safety, your customer’s safety, your employees’ safety, and the safety of your business.
If customers know your business area has suffered or is still suffering security challenges they will be scared to patronize you, and you wouldn’t blame them.
Having put all the above-mentioned factors side by side and considered them duly, it is safe for me to say you are ready to set up your new business in Lagos.
A lot of people’s businesses have suffered due to ignorance and carelessness. You can learn from their mistakes and make yours better, do not forget your choice of location can either make or mar your business.