fbpx

Choosing the Best Location for Your Business

Share Post

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

 

A good location can make or break your business, and that can be a lot of pressure on you as a business owner. There are many factors to think about as you are choosing a location. From monthly lease price to volume of walk-by traffic to the ambiance of the building, each detail of your location can help your business to grow. How do you know if a location will help your business to thrive? 

Here are a few tips for choosing a location for your business:

Ask Around

If there are other businesses in the area, pay them a visit. Notice the number of customers, the quality of the buildings, and talk to the workers about their experiences. If you can, talk with the business owner to try to get a candid view about how the location works for them. If a business owner is unhappy with the location, ask them for specifics. The more details you can get the better. 

Accessibility

How easily can your customers get to you? Is the commute to your location difficult or confusing? Is there enough parking? These are all questions you should ask yourself when scouting out a location. 

Competitors and Complements

Look for direct competitors in your area. These competitors may split the market around that location. You should also look for businesses that complement your products or services. For example, if you were opening an ice cream shop, a complementary business may be a bowling alley, roller rink, or any popular place where people might work up an ice cream craving and are already out doing something enjoyable. 

Gather Data

Find out information about the demographics, crime rate, and economic statistics of the area. Reach out to local councils to find out more about future development and plans for the area.

Read the Fine Print

When looking into different locations, try to review the lease agreement sooner rather than later. Check for things like hidden fees, deposits, and any other financial information. This will help you to stay within budget and be aware of any charges you may be responsible for. 

Ben Sutton

Ben Sutton

Ben Sutton is the founder of Mazuma USA, an accounting firm providing tax, bookkeeping and payroll services to small businesses. Since founding Mazuma, Ben has established himself as an expert in the small business world. He’s still driven by that same desire to provide accounting help to all small businesses – from photographers, bloggers and creatives to lawyers, doctors, and dentists, everyone needs affordable accounting help. Ben is a Certified Public Accountant, and a member of the American Institute of Certified Public Accountants. But Ben considers his greatest achievement and credential to be his happy wife and four children.

Suggested Articles

Is office furniture tax deductible?

Is Office Furniture Tax Deductible?

Furnishing an office is a necessary but expensive endeavor. The Internal Revenue Service (IRS) understands that office furniture is a vital aspect of running a