Choose the Right Business Location
The first step to securing your company’s financial well-being is determining its viability in today’s marketplace. Depending on the nature of your business, location is one of the key factors in its ultimate success.
Consider these points in the search for your new company’s home.
- Competitors. A firm that delivers similar products and services to yours can chip away at your customer base. On the other hand, research has shown that several restaurants or retail shops in the same area tend to increase foot traffic, almost always a plus for those vendors.
- Staff. If your company will rely on highly skilled or educated workers, a location with nearby universities, community colleges and technical schools will facilitate staff recruitment.
- Customers . The business location you choose should dovetail with your target market across general demographics, including income, education and age.
- Growth. If your business goals include significant expansion, assure that your potential location will accommodate these changes. A crowded city block may not be a good choice for a small manufacturing outfit with plans to diversify product lines.
- Financial resources. Though the Internet has broadened commercial financing opportunities, local lenders have a vested interest in supporting community businesses.
- Economic stability. It’s always preferable to site a new company in a neighborhood that either enjoys robust fiscal health or is in a growth mode.
- Intellectual and business resources. A community with an active chamber of commerce, civic groups and professional organizations provides fertile ground for business development.
Remember, you can never do too much research. If you are an expert in your chosen field, you already have much of the knowledge, training and skills to make your dream a reality. It’s also likely you’ve cultivated a network of individuals able to help you find investors, suppliers and customers.
Even if you are new to a business sector, you can succeed. For an in-depth look at your chosen field, talk with experienced entrepreneurs in the industry, especially those operating outside of your immediate geographic area. They will be more open to help if they know they are not competing with you for customers or clients.