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Business Plan for Starting an SMB

Choosing A Location For Your Business

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Choosing A Location For Your Business


When it's time to select the location for your new business, or you're ready to expand or move into a new location, be sure to consider the following questions.

When selecting the general area:

  • Is the site located near potential customers?
  • Where is the competition?
  • How long have the competitors been in this area, and how strong are they?
  • Are there potential employees nearby?
  • Is the area convenient for you?
  • Is the location convenient and accessible to traffic? Near public transportation? Accessible by pedestrians?
  • What are the occupancy rates in the area?
  • What is the business climate in the area?
  • Is the area growing or declining?
  • What are market rents for the type of space desired?
  • What services does the town or city provide?
  • Are there zoning regulations or signage restrictions that will affect your business?
  • How safe is the area?
  • Are there adequate support services nearby, such as suppliers, printers, distribution centers, etc.?
  • Are there conveniences for you and your staff, such as restaurants, cleaners, shops, etc.?

Once you've narrowed down the area, evaluate the location:

  • Is there adequate parking for employees, customers, delivery vehicles?
  • Will you have to pay extra for parking?
  • Is the rent affordable?
  • Is there room for expansion?
  • Can you get insurance at a reasonable cost at this location?
  • Are there any building or health codes that would affect your business?
  • Are there adequate storage facilities on site?
  • Will you be able to have good visibility? signage?
  • Will people be able to find you?
  • Does the building or location have the amenities that you need?
  • Have you considered your finish out requirements?
  • Does the location have adequate wiring, including for voice and data communications?

Finally, once you narrow your selection down to 1 or 2 locations, it's time to begin lease negotiations.

 

 
 

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