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Finding the Best Location for Your New Business
Published at 2012-10-10 04:14:51
For the success of a business venture, the importance of the location must not be neglected. Before the final decision is made about the location of the business a lot effort and research is required which may lead to a better and productive business.
 

 The Type of Business

 

If the business is being operated from physical premises, then the location needs to be in an area which has a lot of traffic, both vehicular and pedestrian. Such areas usually allow use of advertising and sign-boards for attracting potential customers. On the other hand, if the business is online or mail order, location is not important.

 

Easy to Find Location

 

The location of the business should have an easy access, the building must be conspicuous and easy to locate, and ample parking spaces must be available in and around the location. If these conditions are not met, the customers will refrain from visiting again. Before signing the lease for the location, all roads leading to it must be traveled on and possible problems and bottle necks looked at.

 

Zoning, Signage, Ordinances of the Area

 

Local ordinances like zoning and signage differ with the location of business. It is worthwhile to verify the allowed size of the signs and their locations from the town zonal office. Some areas may have strict zoning ordinances which may not prove suitable for the business. Therefore due diligence is needed for selecting the location of business.

 

Locate your Business away from Competitors

 

The business location should be as far away from your competitors as possible. If your business is located near one or more businesses which also deal in the same products and services, your customer base will decrease as some of your potential may go to your competitors. Contrary to this if no competitors are nearby the customers will prefer buying from your business instead of going elsewhere.

 

Be Informed of the Crime Rate in the Area

 

One important aspect of starting a new business is to know the facts and figures about the crime rate in the area. For this purpose, the law enforcement people of the area must be contacted and data should be obtained from them. If the crime rate is high, you will be subjected to higher insurance rates; and most importantly customers will not visit an area where they feel unsafe.

 

Estimate Upgrading and Operating Costs

 

Before selecting the location of business, you should be clear about your needs and should have a floor plan. The premises should have ample space for operation as well as further planned expansion. This foresight will save your expenses in future.