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3 tips for choosing the best location for your business

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|Oct 5|magazine10 min read

Location! Location! Location!

Though you’ve most likely heard this popular phrase before, you may not have ever related it to the world of business. However, choosing a business location is perhaps the most important decision any business owner (specifically, small business owners) can make.

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Choosing the perfect location for your business can be difficult and time consuming. After all, you will have to do extensive planning and research — looking at demographics, understanding the supply chain, knowing your competition, keeping a budget and becoming familiar with taxes and laws will all be necessary if you want to run a successful company.

The following tips can help you when searching for the perfect spot to open your business:

What do you need for your business?

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 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 area 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.

In the end, it’s important to do your research — consider all factors of your business. And remember: never sign anything until you’re 100 per cent sure of the terms and conditions. If the location doesn’t feel completely right, then keep looking!

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

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