Analytics with smart business location
Abstract: What should I do to maximize my wealth? What kind of business should I invest in? Where should I start my business? These are the questions you keep asking yourself when you want to start your own business. You need something to guide you, keep you from those all-to-common mistakes.
The number of business startups have been dramatically increasing nowadays, and some are very successful. Many are not. The business world has become ever more challenging with the ceaseless improvements in technology and the increasing relevance of social media. Wouldn’t it be nice if you could utilize them to your advantage in making those crucial decisions regarding the start of your own business?
You can. Success in business requires the implementation of the right strategies. If you choose the right business and the right location, you have more chance of profitability. That’s obvious. But how? Our research studies the relationship between the business density and the population demographics of potential customers in different business areas, both by type and by physical location. And our research results indicate which area is appropriate for the small business startup, as well as what type of business stands the best chance of success in that area. It’s a research that yields increased opportunities for both investors and potential business owners.
Yupapan waewpanyasil, Rangsima Hongtinnakorn*, Jirayut Wijitboonchuwong
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