The Beginning Business will need to decide where to place equipment or operations and where to be in order to make sales. For example, a sawmill should be close to the forest, a bank needs parking and convenient access, and retail stores need to be in high traffic areas.
How Do You Research the Location Requirements for Your Business?
In a previous post we discussed a checklist of 29 steps when starting your Business. This
topic was number: 5. Buy or rent a location for your business based on an evaluation of the requirements for your business.
Possibly the first big decisions that a beginning business must make is about location. If there is a lease or property purchase, long term contracts and large sums of money may be involved. Get expert advice on leases, loans, and big purchases. Remember you need insurance.
The best location will serve the needs of the business to obtain inventory, serve customers, find qualified workers, meet the market place and similar goals. Of course, the important aspects of location depends on the type of business. Be very careful to know the industry and what role location plays in making sales. Entrepreneur.com has a good overview on the subject of finding the best location. Check out their list of questions to ask.
To find out more about the best business location for your market or customers, visit the competition and trade organizations.
Note what other people are doing. In some businesses it is good to be near the competition. Other kinds of business will need convenient parking and easy access. Find out what the requirements for location are for your business. If you are trying to locate a bank, for example, search the internet and read other studies about bank location.
With the bank example, the important things to the customer may be easy to find, easy to visit, on a main street, have lots of parking, and have an attractive appearance. A bank location study will probably evaluate several possible locations using some ranking of these customer preferences.
The Small Business Administration web site has good information about the business location decision. They cover the importance of the zoning laws.
Nolo Press is has a lot of information about renting.
Professionals to assist the business location decision may include a lawyer, insurance agent, real estate agent, banker, and accountant. Each of these professionals has the training to protect the business from making expensive mistakes.