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Small Business

Selection of Small Business Location

The selection of a good location for small businesses is critical stage of successful business development. It is important to assess feasibility of the hometown of business owner as an appropriate location for the business. The decisions of business location eventually impact costs and revenues of business. The selection of business locations must meet the standards of attracting customers, enhancement of growth, brand visibility, and a potential increase in sales. It is good for the business owner to consider hometown as a suitable location for the business. Hometown, as a business location, can be a better option for business owner because owner understands well potential opportunities and threats for the business (Brown & Rosen, 2019). Preferences of the customers are clearer for the owner when it comes to starting small businesses in hometown. Appropriate assessment of local resources is also easily possible for business owner to determine business tendency of the hometown area. An enhanced form of brand visibility is also possible by selecting hometown of owner as preferable business location. Convenient interaction between owners and customers helps potential clients to increase their awareness about the product. The high cost of logistics can also be avoided by the owner by selecting the hometown as a business location.

Influence of Personal Preferences

Decision-making in business management is recognized as an essential instrument to ensure the success of the business. The role of business owners in selecting business location is important, considering the potential strengths and hazards of business. It is important for an owner to consider personal preferences when it comes to influencing a decision related to the business location. This specific paradigm is important because, ultimately, a business owner is independently responsible for all forms of business operations with the objective of profit maximization.

References

Brown, J., & Rosen, C. (2019). Keeping Hometown Businesses at Home. Choosewashingtonstate.com. Retrieved from

http://choosewashingtonstate.com/wp-content/uploads/2013/06/KeepHometown.pdf

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