Wednesday 22 October 2014

Pointers for Selecting a Location for Your Business

The following are five tips to consider in the search for a business location: 

1. Consider the surrounding community.  

When hunting for a business site, entrepreneurs should consider whether a given community is actively seeking new companies. Contact the local economic development agency to learn about possible incentives, which could include financial support for tenant
improvements, municipal programs giving preference to area businesses or local tax and planning department waivers.

2. Beware of problem locations. 

Some locations are great. Others are miserable. Consider the revolving restaurant site, a spot that's home to a new restaurant every six months: Each new owner believes that he or she has the secret sauce to make the site work only to call it quits after a short stretch. The fact is, not all locations are the same. Regardless of the product, service or business plan, some locations are simply bad for business.

3. Identify target customers.

Entrepreneurs must carefully consider their target clients when developing a business plan. Then they should seek locations abundant with this type and ensure that these areas can provide employees with the needed skills.

4. Pay a fair price.

The ideal location will rarely be one with the lowest price tag. Entrepreneurs should be realistic and ready to pay for a good site. An ideal location will contribute toward the enterprise's success. A poor one will result in rapid closure. Good locations are not cheap. A business plan should include a realistic projection of the costs involved.

5. Know the competition.

Very rarely will a business be the only game in town. Entrepreneurs must assess the competition and be certain there's enough business to go around. If a given community is already saturated with similar businesses, consider a new location. Those determined to compete in a tight market must offer a product or service sufficiently game changing to draw enough business to make the operation viable.

with these I hope I have just helped someone out there looking for a location to kick start that great business

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