Choosing the Right Location for Your Business
According to the Small Business Administration (SBA), a Government-based organization, choosing a business location is perhaps the most important decision a small business owner or startup will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding state laws, taxes, and much more.
The SBA provides some tips that will help you choose the right location for your business.
Brand Image — Is the location consistent with the image you want to maintain?
Competition — Are the businesses around you complementary or competing? For example if you are looking to open up a hair salon, are there other hair salons near by that could be competition?
Clients — Will your business benefit your potential customers?
Local Labor Market — Does the area have potential employees? What will their commute be like?
Plan for Future Growth — If you anticipate further growth, look for a building that has extra space should you need it.
Proximity to Suppliers — It is beneficial to remain within a reasonable distance from your suppliers as you never know how fast you will need the. They need to be able to find you easily as well.
Safety — Consider the crime rate. Will employees feel safe alone in the building or walking to their vehicles? Will others want to do business with you if they have to visit a high-crime area?
Zoning Regulations — These determine whether you can conduct your type of business in certain properties or locations. You can find out how property is zoned by contacting your local planning agency.
For more information on choosing the location of your business please visit, www.sba.gov/content/tips-choosing-business-location.