#finance #leadership #business #location #business location #small businesses #business owner #business needs #supply chain #business demographics

The importance of choosing a location for your business

Cutter Slagle
|Oct 7|magazine11 min read

You’ve most likely heard it before: Location is important, right?

Location is really important when it comes to starting your own business. After all, the place in which you choose to place your store or company could ultimately lead to your success or failure as a business owner.

And while a lot of planning and researching goes into starting your own business, finding that right spot should top your “to-do” list.

RELATED TOPIC: 4 tips to get your own business started

Sure, finding the right location for your business could feel like a chore. In fact, this journey may become difficult, time consuming and completely exhausting. But all of the hassle will ultimately be worth it once you find a place of your own.

Just remember that it will take some hard work on your part; you’ll have to do some 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 assist you with the daunting task of finding the perfect location for your business:

Do you know 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

Do you know 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

Do you know the surrounding area of your business location?

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, just make sure that you do your research. Only you know what is best for you and your business. Always consider all of your options and never sign anything unless you are completely comfortable with the terms and conditions.

Don’t worry! It may take some time, but you’ll eventually find the perfect location for your business!

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

RELATED TOPIC: Bad credit? Learn how to still run a successful business

Let's connect!  

Check out the latest edition of Business Review Australia!