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Let’s say that, after careful consideration, you’ve decided to buy a commercial lot for sale in Cavite. Well, for obvious reasons, it has 46 economic zones and it is one of the ISO-certified provincial governments in the Philippines. Although, it is located outside Metro Manila, you’ll never be alone in your business endeavors because it has 768 industrial establishments and a total of 12,128 business enterprises and still counting. So, it would not be difficult to acquire a for sale commercial lot in Cavite, right?
As a budding entrepreneur, you must apply stringent measures in buying a commercial lot. You’ve already thought of what kind of service or product you will offer. You have a brand name and market strategies for your business. But the physical location of your business will make or break everything you’ve put up.
Remember the business mantra: “location, location, location”? This old adage should not be taken for granted along with other tips below:
It just can’t be stressed enough. There are factors you must bear in mind when choosing the right location such as transport and human traffic. The first one means it should be accessible almost all means of transportation in a vicinity. Highly dense human traffic or foot traffic means your business will get the exposure it needs. Conduct an ocular inspection first before purchasing a lot.
This could have a good or bad outcome. The bad outcome would be if the area you’ve chosen has several establishments same as yours. This could mean war – err – competition. On the other hand, it would turn into your favor if the businesses around you complement the type of business you have.
The location you’ve chosen may be a highly dense area and that is good thing. What about the demographics? Investopedia defines demographics as the studies of a population based on factors such as age, race, sex, level of education, income level, employment and economic status. Based on the gathered data, you could assess the size of a potential market or to whom you could sell your product or service. It would be better if you don’t have to come to your customers and instead have the customers come to you. This is the importance of studying the demographics of an area.
Even if you’re just new in the business, you should consider the customers traveling not only by foot but also those who stop by in a vehicle. An establishment with ample parking space is ideal for retail businesses such as grocery stores or restaurants.
Real estate properties are categorized by its land use such as residential, commercial, industrial, agricultural, and recreational. Check out which category the lot fits in and if it is legal to do business there. You may also find mixed-used locations that can be both for residential and commercial use. This is the first thing you need to find out before conducting any feasibility study.
Needless to say, your business should be near restaurants, theaters, shopping malls, parks, and cafes. This is, after a long tiring day from work or during breaks, your employees can stretch their tired muscles and de-clutter their minds. In this way, you and your employees can achieve the work and life balance you both deserve.
As a budding entrepreneur, you must apply stringent measures in buying a commercial lot. You’ve already thought of what kind of service or product you will offer. You have a brand name and market strategies for your business. But the physical location of your business will make or break everything you’ve put up.
Remember the business mantra: “location, location, location”? This old adage should not be taken for granted along with other tips below:
Location, location, location
It just can’t be stressed enough. There are factors you must bear in mind when choosing the right location such as transport and human traffic. The first one means it should be accessible almost all means of transportation in a vicinity. Highly dense human traffic or foot traffic means your business will get the exposure it needs. Conduct an ocular inspection first before purchasing a lot.
Neighboring commercial establishments
This could have a good or bad outcome. The bad outcome would be if the area you’ve chosen has several establishments same as yours. This could mean war – err – competition. On the other hand, it would turn into your favor if the businesses around you complement the type of business you have.
Determine the demographics
The location you’ve chosen may be a highly dense area and that is good thing. What about the demographics? Investopedia defines demographics as the studies of a population based on factors such as age, race, sex, level of education, income level, employment and economic status. Based on the gathered data, you could assess the size of a potential market or to whom you could sell your product or service. It would be better if you don’t have to come to your customers and instead have the customers come to you. This is the importance of studying the demographics of an area.
Parking space
Even if you’re just new in the business, you should consider the customers traveling not only by foot but also those who stop by in a vehicle. An establishment with ample parking space is ideal for retail businesses such as grocery stores or restaurants.
Zoning problems
Real estate properties are categorized by its land use such as residential, commercial, industrial, agricultural, and recreational. Check out which category the lot fits in and if it is legal to do business there. You may also find mixed-used locations that can be both for residential and commercial use. This is the first thing you need to find out before conducting any feasibility study.
A place to unwind, relax and dine
Needless to say, your business should be near restaurants, theaters, shopping malls, parks, and cafes. This is, after a long tiring day from work or during breaks, your employees can stretch their tired muscles and de-clutter their minds. In this way, you and your employees can achieve the work and life balance you both deserve.
