26 Dec , 2018

12 Issues to Consider When Searching for Business Location

Posted By Jassim Mohammad

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An organization’s place of business is where their customers evaluate and ultimately receive your product or service. While this may not matter much for people who work virtually, or who run a business that drop-ships from a third party, it’s critical for restaurants, retailers, and many service businesses. Ironically, while “place” is often the most permanent of the four P’s, it’s also often the most overlooked—which is why finding the right location for your business can make a huge impact on its performance.

 

Finding a location for your business is about more than just choosing a building. Perhaps for you, opening your business in your own town, or even your part of town, is a given. But consider the big picture:

 
  • State – Income taxes and sales taxes vary greatly from state to state, as do regulatory requirements. Is the state you live in friendly to entrepreneurship? To the specific type of business you want to run? Now might be the time to consider a move if it isn’t, or possibly to open your business in a nearby state if you live near a state line.
  • City – Rent and other costs, availability of labor, taxes, regulations and government economic incentives can also vary greatly from city to city, even within the same state. Or maybe a small town is the perfect spot for your business. Entrepreneur Magazine publishes an annual list of the Best U.S. Cities for Small Business. Under 30 CEO also has a list of the best cities for young entrepreneurs.
 
  • Part of town – What kind of commute is involved? Is the part of town consistent with the image for your business? Rent varies greatly according to location.
  • Location relative to streets, parking, and other businesses – Do you need to be visible and/or easily accessible to pedestrian and automobile traffic? Will being close to businesses that draw a similar clientele help your business? For example, a sporting goods store or health food store might do very well next to a gym.
  • Type of location – Do you need office space, retail or warehouse? Retail is generally the most expensive of the three.

Source: 12 Issues to Consider When Searching for Business Location

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