How to choose a location for your business

By Cutter Slagle

May 19, 2020

undefined mins

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.

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.

[SOURCE: https://www.sba.gov/]

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