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Marketing Your Business 

Q What is important to know about my trade area?

A Early on in the decision making process you have evaluate how important location and customer access are to your business. You also need to determine if shipping and freight access is important to the success of your business. If the physical access to your business by your customers is critical to the success of your business you should look at how customers access the business. Are they foot customers or do them come by personal vehicle? What brings new customers to your business? Is it your location and access to automobile traffic, public transportation, or casual shoppers? For some of these answers you should find data on traffic studies for your location. Your city or county engineer should be able to help you with this.

The world of e-commerce has expanded the trade areas for a large portion of today's businesses. To compete today and in the future you have to be prepared to know how e-commerce can impact your business and even expand your trade area. Will you be prepared? As with all business ventures you need to research and then evaluate what you have learned. To start you should check information available on the Internet, in publications, through contacts and other users.

As important as knowing the physical characteristics of your trade area are in knowing the economic characteristics of that trade area and small business in general. What drives that area and how will you fit into it?

 


 

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Page last updated: October 11 2013

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