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Trade Area Analysis - Essay Example

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Name: Course: Tutor: Date: Trade Area Analysis Before setting up a business some factors should be considered in order to come up with the best site. The nature of business activity to be carried out is also a vital factor to consider. The most important factor to consider is the accessibility of the business premises by both the suppliers and the customers…
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Trade Area Analysis
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Download file to see previous pages The site selected should also be strategic and make accessibility of other utilities like energy easy. Closeness of a business to the market is also an important factor to consider as this will ensure good accessibility of the commodities by the customers. A good site will lead to the success of the business. There are several factors that one should consider in order to come up with the best site of the business to be started. The main factor to take into consideration is the kind of business venture that one wants to start. The site selected should favor the efficient production activities like the good transport of goods in and out of the business premises. The production costs should be minimized and this will lead to the success of the business. The accessibility of the business premises is vital due to the transportation of the goods to the customers. According to Gitry (1996), the selected site should be easily accessible to both the buyers and suppliers (Norton, 2011). In Toronto area, transport has been well established for the accessibility of the new stores to be set. Before selecting the best site, it is advisable to look at the transport means available in the area. There are good roads in Toronto area and this favors the flow of goods in and out of the stores in Toronto area. The good roads in the area are vital in the transportation of goods out of the stores in the region to the customers. The transport also ensures the accessibility of the stores by the employees in the region. This ensures the employees get to their places of work on time. For transportation purposes, one of the best sites to set a new store in Toronto area is along the Wilson Avenue. This site is best due to a number of factors the main one being the good transport network around the area. The good transport network will favor the flow of goods in and out of the new store to be set. This will ensure the goods reach the customers on time and inn then right condition. The good transport in the region can act as a good attraction factor to potential customers in the area. This is because the good roads make the site selected accessible to many buyers in the region. This will increase the revenues and lead to expansion of the stores. The good transport also favors the accessibility of the public utilities like the banks. This will favor the flow of business activities in the region. The accessibility of the stores is also vital in case of an emergency like fire outbreak. The good transport will ensure that emergency services reach the stores on time to avoid huge losses in case of an emergency (Glenn, 2009, pg 118). Population an area is another important factor that one should consider when coming up with a business site. Customers should be in plenty in the area selected. Thus a densely populated area is a good site to choose as customers will be available to buy the goods in the stores. In Toronto area, there are some regions that are suitable to set up new stores because they have a considerably high population (Norton, 2011). The big population will create a good pool of labor hence smooth flow of activities in the stores. The high population will also ensure there is a good number of a potential customer to purchase goods from the stores. This will ensure a continuous flow of activitie ...Download file to see next pages Read More
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