How to choose a location for your business
It’s all about location.
If you’re thinking about starting a business, then you will quickly come to understand that one of the most important factors to consider is where you decide to place your business. After all, the specific location of your store or company can distinguish whether or not your business becomes a success of failure.
RELATED TOPIC: Learn how to start your own business with these 4 steps
It’s true: finding that perfect location for your business can be extremely exhausting, as well as time consuming and all around difficult. However, in the end, the aggravation will be completely worth it once your find a place to call your own.
In order to find this place, you’ll have to do extensive planning and research — look at demographics, understand the supply chain, know your competition, stick to a strict budget and become familiar with taxes and laws.
Originally reported by our sister brand Business Review Canada, the following tips can help you choose the perfect location for your business:
What are your business needs?
First and foremost, you need to consider your business needs. As an owner, what are your goals? What do you need or want from your company?
Most businesses choose a location that will provide lots of exposure to customers. You may also want to think about the following dynamics in correlation as to where your store is stationed:
- The brand image of your business
- Your business competition
- Any and all plans you may have for eventually growing your business
- How close and easily you can connect with suppliers
- The overall safety of the area
- Laws and regulations regarding the property
What are your business finances?
If you’re planning on starting a business, then you should already be well-aware of your finances. You don’t want to choose a location for your business that you won’t be able to afford. After all, you’re trying to make money, right?
The following financial considerations should be on your mind when choosing a business location:
- Any and all hidden costs the location may have
- Property taxes
- Government economic incentives the property may offer
What is the surrounding area of your business like?
If you want lots of customers (and you do), then your business needs to be in an area that is easily accessible. People want to be able to quickly find your company. And don’t forget about parking — parking is a very important factor. Make sure there’s plenty of space for all of your customers.
But even more so, your business needs to be located in a family-friendly area. Customers want to feel safe when they come into your store, and they may want to bring their children with them. Therefore, make sure you choose a location that people don’t mind going to.
Whatever you do, make sure you do your research — it’s your business, so no one can do it for you. Consider all options and factors of your business; and most importantly, never sign any documents until you’re 100 percent sure of the various terms and conditions.
It may take some time, but you’ll eventually find the perfect location for your business.
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Click here to read the October 2015 edition of Business Review USA!
How innovation is transforming government
According to Washington Technology’s Top 100 list, Leidos is the largest IT provider to the government. But as Lieutenant General William J. Bender explains, “that barely scratches the surface” of the company’s portfolio and drive for innovation.
Bender, who spent three and a half decades in the military, including a stint as the U.S. Air Force’s Chief Information Officer (CIO), has seen action in the field and in technology during that time, and it runs in the family. Bender’s son is an F-16 instructor pilot. So it stands to reason Bender Senior intends to ensure a thriving technological base for the U.S. Air Force. “What we’re really doing here is transforming the federal government from the industrial age into the information age and doing it hand-in-hand with industry,” he says.
The significant changes that have taken place in the wider technology world are precisely the capabilities Leidos is trying to pilot the U.S. Air Force through. It boils down to developing cyberspace as a new domain of battle, globally connected and constantly challenged by the threat of cybersecurity attacks.
“We recognize the importance of the U.S. Air Force’s missions,” says Bender, “and making sure they achieve those missions. We sit side-by-side with the air combat command, intelligence surveillance, and reconnaissance infrastructure across the Air Force. There are multiple large programs where the Air Force is partnering with Leidos to ensure their mission is successfully accomplished 24/7/365. In this company, we’re all in on making sure there’s no drop in capability.”
That partnership relies on a shared understanding of delivering successful national security outcomes, really understanding the mission at hand, and Leidos’ long-standing relationship of over 50 years with the federal government.
To look at where technology is going, Bender thinks it is important to look back at the last 10 to 15 years. “What we’ve seen is a complete shift in how technology gets developed,” he says. “It used to be that the government invested aggressively in research and development, and some of those technologies, once they were launched in a military context, would find their way into the commercial space. That has shifted almost a hundred percent now, where the bulk of the research and development dollars and the development of tech-explicit technologies takes place in the commercial sector.”
“There’s a long-standing desire to adopt commercial technology into defense applications, but it’s had a hard time crossing the ‘valley of death’ [government slang for commercial technologies and partnerships that fail to effectively transition into government missions]. Increasingly we’re able to do that. We need to look at open architectures and open systems for a true plug-and-play capability. Instead of buying it now and trying to guess what it’s going to be used for 12 years from now, it should be evolving iteratively.”