Choose the location of your business

Choosing the name of your business, another important decision you could take next is the location of your business.

To find locations for your business you could go to the classifieds in the newspaper or online ads, or tour the areas where you would like it to be located your business (eg, areas where there are similar businesses) to see if you can find local or offices for sale or rent.

location of the business

And then, to choose the right location, you must take into account various factors such as the number of people in the area, local visibility, access roads, competition, costs, etc.

Determine the target audience

One of the most important steps when starting a business, but many overlook, is to determine the target audience, ie, determine the type of audience which will target your product or service.

To determine your target audience, first you must segment the market all that exists for your product or service in different homogeneous markets comprised of consumers with similar characteristics, taking into account different variables such as location, age group, socioeconomic status, etc. .

Then, choose one of the resulting markets more attractive to venture considering your ability, knowledge and experience, but also making sure that not so small to the point of not being profitable, nor so broad to the point of not being able to specialize on it.

Analysis of the target

Once you’ve determined your target audience, you must analyze it so that you can know him better, and so design the product that best suits your preferences and formulate other strategies that better results may have on it.

To analyze your target audience first you must determine what information you would like to discuss it, which might include, for example, tastes, preferences, habits, shopping behaviors, habits, attitudes, etc.

And then collect this information, for example, through surveys where you will ask questions that allow you to obtain the required information, or visiting places where to shop accustomed to observe their behavior.

Choose the business name

After concluding that your idea has a chance to succeed, you could start by taking one of the most important decisions: the name of your business .

To find names for your business you could look out the names of competition and pay attention to the ones you like, or go to business directories on the Internet that are the same type as yours, where you can find names that serve you from inspiration.

And then, to choose the right name, you should take particular account your personal tastes and implications in marketing you may have (that generates a positive image, to communicate what is your business, it is easy to pronounce, etc. ).