{"id":73883,"date":"2022-07-23T17:45:00","date_gmt":"2022-07-23T21:45:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=73883"},"modified":"2022-08-02T14:35:17","modified_gmt":"2022-08-02T18:35:17","slug":"timing-in-business","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/timing-in-business\/","title":{"rendered":"Location & Timing in Business: Your Advantage?"},"content":{"rendered":"\n

How important are location and timing in business? Are they a built-in advantage for you?<\/p>\n\n\n\n

If you’re in the right place at the right time, you have a leg up over the competition. Location and timing are unfair advantages identified in the book The Unfair Advantage<\/em> by entrepreneurs Ash Ali and Hasan Kubba. The authors discuss potential drawbacks of good location and timing, how to know if location and timing are your unfair advantage in particular, and how to improve and make the most of your location and timing.<\/p>\n\n\n\n

Let’s take a closer look at this unfair advantage.<\/p>\n\n\n\n\n\n\n\n

Location and Timing<\/h2>\n\n\n\n

According to Ali and Kubba, location and timing in business\u2014being in the best position or place at the optimal moment\u2014determine your startup’s success.<\/p>\n\n\n\n

Location includes your city, neighborhood, business site, and online presence<\/strong>. If you live in an area with a lot of talented workers, eager investors, quality internet connection, and reliable transportation, you can potentially tap into those resources to facilitate business growth<\/a>. Also, if your business is in a safe, easily accessible, and highly visible area, you\u2019ll find it easier to attract customers<\/a>. Further, your business prospects improve significantly if you have a clear, user-friendly website that appears frequently in organic search results. <\/p>\n\n\n\n

The Post-Location Business World<\/strong>

If you need <\/em>a physical location for business, location absolutely affects your ability to attract customers, as Ali and Kubba say. However, the move toward digital business activity is arguably making location less important<\/a>. In June 2020, only 26% of people were working on their business premises; 42% were remote, and 33% were not working. About 16% of all retail sales occur online, and some analysts predict 95% of all retail sales will happen online by 2040. So, it might make more sense for you to forego a physical business location altogether.

If you choose this route, having a professional, easy-to-navigate website is non-negotiable, as 88% of consumers research product information before they make a purchase online or in a store<\/a>.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Timing refers to how closely your business idea coincides with customers\u2019 changing interests<\/strong>, which are shaped by cultural and technological advances. For example, home office design solutions surged in popularity only after the number of remote workers rose during the Covid-19 pandemic. As Ali and Kubba explain, getting your timing right is critical. If you launch too soon, you\u2019ll likely have to work extra hard to increase awareness of your product and convince people of its benefits, potentially incurring high marketing costs in the process. If you launch too late, the market may be saturated with established competitors. Ideally, the authors say, you should aim to capitalize on a growing, long-term trend<\/strong>.<\/p>\n\n\n\n

(Shortform note: How much does timing matter? In one study of 200 companies, timing accounted for 42% of the difference between business success and failure<\/a>. One way to gauge timing, experts say, is studying relevant websites and blogs<\/a>. If a trend is developing, people will likely be talking about it in a few places online. Also, research the current market to see if there\u2019s a current need or desire for your business idea<\/a>. For example, if you\u2019re starting a small brick-and-mortar business, local business trends\u2014such as whether other small businesses or startups are succeeding\u2014will help you determine if the environment is ripe for your business venture.) <\/p>\n\n\n\n

Potential Drawbacks of Good Location and Timing<\/h3>\n\n\n\n

Are there drawbacks to having good location and timing? Although living in a good neighborhood, securing a desirable business location, and building a robust online presence can support growth, it can also be expensive, according to Ali and Kubba.<\/p>\n\n\n\n

(Shortform note: Some argue that a good \u201clocation\u201d doesn\u2019t have to be expensive thanks to the modern convenience of the internet. In The $100 Startup<\/em><\/a>, Chris Guillebeau says you can now launch a business for as little as $100, with only a sound business idea, a website, a way to process payments, and basic marketing.)<\/p>\n\n\n\n

Further, Ali and Kubba say that if a good location and timing cause you to achieve success early in your business journey, you might become reckless, arrogant, and delude yourself into thinking you\u2019re more capable than you actually are, causing you to stop learning. <\/p>\n\n\n\n

(Shortform note: Many business leaders acknowledge that rapid success can lead to complacency<\/a>, as Ali and Kubba warn. According to scientists, motivation is the number one reason people succeed<\/a>\u2014beating self-confidence, initial resources, and luck\u2014so complacency can derail your business growth. One way to overcome complacency is to set aside 10 minutes a day to reflect on what you accomplished and how you can improve<\/a>. Write down what actions you\u2019re going to take, and ask people to hold you accountable.) <\/p>\n\n\n\n

How to Know If Location and Timing Are Your Unfair Advantage<\/h3>\n\n\n\n

To assess whether location and timing are unfair advantages for you, Ali and Kubba say to consider whether your business sites\u2014both brick and mortar and online\u2014are accessible and welcoming to customers<\/strong>. Also, evaluate whether your business idea is merely tapping into a fleeting trend, or if you\u2019re latching onto more sustained, long-term interest that can carry your business into the future. <\/p>\n\n\n\n

How to Improve Your Location and Timing<\/h3>\n\n\n\n

If you think you fall short in location and timing, here are steps you can take to develop in this category:<\/p>\n\n\n\n