Probably you want to start a POS business but don’t know the best location to situate it! You’ve come to the right place. We’re going to put you through it shortly.
Currently, the point-of-sale business system has continued to thrive, especially in regions where cashless policies are dominant. The POS business is very profitable. The right location is very important because it not only attracts customers but it also enhances visibility and drives profitability.
Choosing the right location for your POS business is very important because it will help in driving sales and attracting customers, which are essential for the success of your POS business. When choosing the location where you wish to site your POS center, it is important to consider some factors like your target audience, accessibility, internet connectivity, etc. Analyze these factors properly before choosing a location for your POS business.
Related: Best bank for POS business in Nigeria
Best Location For POS Business
There are numerous locations where POS businesses can thrive and you would make more sales but we have written down the best location(s) here; hence, it is now left for you to choose the one that suits you. The best location for POS are outlined below:
1. Campus Or Student Environment
Campus environments like universities, polytechnics, colleges, etc. are some of the best locations where point-of-sale businesses are booming. As we all know, most tertiary institutions in Nigeria don’t have banks. POS businesses have continued to thrive because students will definitely need cash if they want to carry out one transaction or another. Hence, placing your POS centre within the student environment will enable you to make plenty of profits because there will be enough customers that will be patronizing you on a daily basis.
So if you want to start up a POS business and you are residing within the students’ environment, it would be the best decision for you to site your POS center within the campus environment to enable you to make enough profit.
2. National Youth Service Corps Orientation Camp
The NYSC orientation camp is normally busy during the orientation course. And as we all know, life within the NYSC camp is regimented, which means that corps members’ movements are highly restricted; hence, they can’t really go out to carry out financial transactions. And there’s no bank in the camps; the only option left for the corps members is to use POS to carry out their transactions.
Let me burst your bubbles during my NYSC orientation course in Iseyin camp in Oyo State, Nigeria. We were not allowed to move out of the camp for a complete three weeks and all the transactions that we did were done through the POS agent. Unfortunately, the POS agents in the camp charged us a very high price; in fact, some of them charged us up to 10% of the amount you wanted to deposit or withdraw. It wasn’t a funny experience. From my personal experience, you can agree with me that those who do their POS business in the NYSC orientation camp are cashing out big.
3. Market Environment
Locating your POS business in a busy market environment is one of the best ways to drive sales. In markets, people will definitely come to buy and sell their products, so if you locate your business within a market environment, you will have enough patronage from marketers. However, locating your POS stand in a market is not enough; locating it in a strategic place like the market entrance will go a long way toward boosting your POS business.
Meanwhile, since many market men and women derive much joy from discounts, it would make more sense if you gave them little discounts if they carried out big transactions with you because it would help you get more customers, which would definitely increase your profit.
4. Event Center
Event centers like halls used for event celebrations are also a good place to behold when citing your POS stand. In event centers, people will constantly need cash to buy items or to spray. Hence, citing your POS stand in such an area will give you a lot of profit because you will have enough profit. Meanwhile, if you locate your POS stand close to the event center, it would make more sense if you had more mints or clean naira notes because people like to spray or spend neat naira notes at events.
5. Transportation Hubs
Transportation hubs, such as airports, train stations, and bus terminals, attract a large volume of people passing through on a daily basis. These locations offer a captive audience, presenting an opportunity for increased exposure and customer acquisition. Travelers often have time to spare while waiting for their transportation, making them more likely to explore nearby point-of-sale options. Hence, it makes sense to consider positioning your POS business near these hubs, focusing on convenience and quick service to cater to the needs of time-conscious travellers.
6. Tourist Destinations
Tourist destinations are another lucrative location for a POS business. Travelers often seek convenience, making them more likely to engage with a well-placed POS business. So you can decide to cite your POS stand within a tourist center by partnering with the local tour operators to offer financial services to tourists and make a profit.
7. Malls
Another best location for POS business is the mall, since it is home to different kinds of stores, businesses, restaurants, etc. Hence, locating your POS stand within a mall will be highly profitable because it is normally busy and people will always carry out financial transactions.
Conclusion
Selecting the best location for your POS business plays a critical role in determining its success. Busy commercial areas, tourist destinations, and transportation hubs are among the top choices. However, remember that the success of your POS business is not solely reliant on location; it also relies on you being able to provide exceptional customer experiences.