Want to find a place for your business? Cost is not the only thing to consider.
Your company’s place of business is where customers evaluate and ultimately receive your products and services. This may not be a problem for those who work virtually or run businesses that ship directly from third parties. Still, the location is essential for restaurants, retailers, and many service businesses. So these are the 12 Issues to Consider When Searching a Business Location
Ironically, the “place” is usually the most durable of the four Ps, but it’s often overlooked. Therefore, finding the right place for your business can significantly impact performance—the reason.
How to choose the right place for your business
Finding a place for your business is more than just choosing a building. You also need to consider the location. Perhaps it’s natural to do business in your hometown or even your town. Still, you have to view the big picture. here
States: Income and excise taxes vary from state to state, and regulatory requirements vary widely. Is the state you live in an entrepreneurial friendly? What kind of business do you want to run? If not, it may be time to consider moving. Or, if you live near a state border, you may be doing business in a nearby state.
Cities: Rent and other costs, workforce, taxes, regulations, and government economic incentives may vary from city to city, even within the same state. Alternatively, a small town may be the ideal place for your business.
Some cities and towns: What kind of commuting is involved? Does part of the town match your corporate image? Rent varies by location.
Relative location to streets, parking lots, and other businesses: Must be visible and easily accessible for pedestrians and cars? Does being close to a company that attracts similar customers help your business? For example, a sporting goods store or health food store may work next to a gym.
12 factors to consider when choosing a location
There are many factors to consider when finding a place for your business. Cost is a crucial consideration, but these 12 critical factors that impact your business should also be considered.
When you are looking for a place for your business, think about who that place is essential to you. Whether the location is the main factor influencing
You: Your corporate space needs to suit you. Otherwise, it won’t work at all. If you feel the area is inadequate, find another place for your business. Remember that you are the one who has to work there every day.
Customer: Space needs to serve customers as well. Otherwise, the space will not be available. No customers = no business.
Employees: This question may not be as important initially, especially if you don’t have employees. However, your ability to attract and retain talented employees depends on your location.
Strategic Partners: This may not seem like a big deal, but in reality, strategic partnerships are more likely to occur if the partners are local to each other. Why do you think a particular region is at the center of a specific type of business?
Potential Investor or Buyer: This may not consider. But potential investors are looking at the long-term value. And their business will see the place as part of their funding decision.
Cost: Most prominent, can you afford it? In addition, consider whether your customers or employees can afford it. For example, is there free parking or is it expensive? If the rent is high, do you charge the customer a high price? This isn’t necessarily a bad thing, but it’s a factor to consider. How about taxes? Income and sales taxes vary widely between states, counties, and counties, and even between cities. Whether you buy or lease a property also affects your costs.
Convenience: Is it easy to find? Is there a parking lot nearby? Consider your customers and their customers. When dealing with pregnant women and the elderly, they may have a different concept of “convenience.”
Security: This is an increasingly important issue for customers and employees. Is the parking lot nearby and bright? Are there security guards on the premises?
Prestige: Do Downtown Addresses Make Your Downtown Address More Reliable? Do wealthy customers prefer businesses near them? Some locations, such as Beverly Hills, Silicon Valley, and Manhattan, offer virtual offices at well-known addresses.
Transportation: Retailers and restaurants like it, but office workers don’t.
Equipment requirements: Do you have any special needs such as high power consumption or dedicated wiring? I need a meeting space; do I need it only occasionally? In this case, it’s a good idea to consider a shared office suite (often referred to as an administration suite).
Zoning: Many cities have strict zoning requirements to limit the types of businesses that can run in space. Before signing a lease, make sure your business is even allowed there!
As you can see, informed decision-making involves a relatively complex matrix of problems. Determine your priorities, accept your choices, and research to make one of the most important decisions you make for your business.
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