A good business needs a good location
Steve started an outsourcing company in Vietnam five years ago providing IT services. He gathered a team of most talented engineers using his connection with top universities in Vietnam. He tested his team with his own project. The quality was excellent. Steve did extensive researches on outsourcing services and pricing. He decided to focus on helping small businesses build websites and application. He priced his outsourcing services very competitively compared to other competitors. In fact, with the quality of his engineers, his pricing was the lowest.
Steve was sure that he would have many customers due to the competitive pricing, excellent quality of services, and the unsatisfied needs of small businesses.
For the first five months, Steve had only one customer. This customer was his close relative who wanted to support Steve’s business. Steve launched several marketing campaigns without success.
Steve decided to meet a consultant. After looking at all possible reasons why customers could not find Steve’s business, the consultant suggested Steve to do two things. One was to move his company’s office to the largest IT park in Vietnam. The second was to change his company’s website address to something easier to remember. Steve was using his condo as the company’s office. His website was
After moving his company’s office to the IT park and changing his website address, Steve got 5 new customers and 10 new prospects in the first week at the new office. When he asked those who came in how they found his company, the answer was that they found it through the IT park directory or saw his company when visiting the IT park, or visited his website.
A good business needs a good location. By changing his location (office + website address), Steve brought his business to people. Steve learned that  if people don’t come to your business, bring your business to the people. If people don’t come to you, bring yourself to the people.
Good locations can be an easy-to-remember website, an easy-to-find place, or an easy-to-remember phone number… Anything that helps people can find your business.
The same lesson applies to other businesses such as coaching, personal training, …. Many excellent coaches after getting their certifications had no client. They thought that because their coaching is excellent, people will find them. That was no difference from Steve’s company. Coaches need to bring their services to people. They must have a good location. They must make it easy for people to find them.
See you in the next lesson.
To watch Warren Buffett teaching the lesson 1: 

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