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Picking the best location for a business

  • December 18, 2012

Picking the best location for a business

A prime business location can be the difference between experiencing success and having difficulties reaching consumers. If your company isn't in the perfect spot, you may lack the necessary visibility to find new customers and reach unprecedented heights. Be sure that you consider every factor before packing up your enterprise and hiring corporate relocation companies.

Finances
The asking price isn't the only factor that'll affect your finances - taxes, overhead and government regulations also come into play. For instance, if you're moving out of state, the state's government may have different regulations and impose heavier fees than your current location. Additionally, you may incur new shipping costs if you're moving away from your suppliers.

Proximity
The National Federation of Independent Business (NFIB) writes that small businesses should always be close to their competition, customers, suppliers and workers. Staying near other, competing organizations allows companies to share resources and monitor the market. Establishments should also be in accessible locations so potential clients and employees can visit. As noted above, being in close proximity to suppliers can help keep expenses low.

Image
Your location is part of your image. The Small Business Administration (SBA) recommends moving to an area that makes sense for your brand. For instance, if your primary customers are young adults, you may want to relocate to a college town, rather than a retirement community. You should also move to a city that shares some cultural aspects with your business, which can help you find new patrons.

The building
All Business notes that every owner should do a full assessment of potential buildings before agreeing to purchasing or rental terms. The news source writes that buyers should check for potential code violations and damage. Some repairs can be covered by the current owner and landlord, as long as they're identified before contracts are signed.

Safety
Security is important to every business, but picking a safe location can reduce the need for implementing extreme measures. The SBA explains that it's important for independent establishments to establish themselves in neighborhoods with low crime rates, so that employees and consumers feel safe.

Your company
Choose a location that supports your business practices and can help you maximize your organization's potential. All Business recommends writing a list of your needs to help you find some ideal spots. Ensure that you won't be making your daily operations more difficult by moving to a building that doesn't offer sufficient amenities and resources.

 

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