Using Data Science to Optimize Business Decisions: Toward a Better Location of a New Business

When launching a new business, location is one of the most essential decisions to make. Selecting the ideal location is vital since it instigates high customer acquisition and boosts revenue. Moreover, the presence of competition in a particular area might determine a business's ability to thrive or fail. In this paper, we summarize current research works that suggest a proper location for launching a new business. Based on the research gaps, we propose an innovative system that can help business owners make better decisions regarding choosing the proper place to start a new business. The proposed method gives an approximate percentage of the success rate of launching a specific business activity in a particular location by analyzing similar business activities in the surrounding geographical area. The system also utilizes the power of data analysis and presents a visualized dashboard with seven graphs that help business owners in the decision-making process.