Participants 1
Here are five common types of business locations, but more creative options, like co-working spaces, are popping up all the time. Be on alert for these and other location types that would meet your specific needs.
Home-based business – If you work from home but need more space, you might consider moving to a new home or adding on to your existing home to create the office space you need.
Retail business – Don’t limit yourself to downtown storefronts and strip malls. You can also find retail space in airports, free-standing buildings, and special event kiosks.
Mobile business – It used to be that the only businesses that moved around were circuses and festival vendors. But today you can open your own mobile barbershop.
In almost every case, where you can locate your business will be dictated by local zoning ordinances in your community. Don’t sign on the dotted line until you’re sure it’s legal for you to operate your business in your desired location.
2. Make sure the business location is within your budget
Of course, one of your major priorities will be finding a location that fits within your company’s budget. However, that’s not all you need to examine when it comes to money. There often other location-specific costs to consider beyond the purchase price or monthly rent. Almost every location has different hidden costs that you need to account for: taxes, renovations, utility upgrades, minimum wage requirements, and economic incentives. Even mobile businesses need to consider the cost of permits and vehicle licensing when choosing a new business location.
3. Consider your brand
Keep your brand in mind when developing your business location strategy and looking at options. For instance, you probably wouldn’t want to plant your new office supply location right in the middle of a high-end, boutique shopping district. Likewise, an upscale restaurant might not fare so well in the middle of a college town or rural area, where customers are used to spending less money on cuisine.
4. Think about vendors and suppliers
You’ll need to secure a location that makes it easy for you to connect with your vendors and suppliers and your barbers; otherwise, you might experience significant delays or run into frequent issues with inventory levels. When considering your options, ask yourself which location site makes it easier and cheaper for you to get the raw goods you need to operate.
5. Find a safe location
Operating a business where you feel safe and protected should not be underestimated. And besides your own safety and the safety of your employees, also consider your business’s safety as well. This is especially important for businesses with inventory that may be at a higher risk for burglary and theft or if you’ll frequently be running your business alone at night.
6. Go where there is demand
Ideally, you want to secure a business location that’s not saturated by your competition. Look for areas where your product or service is in high demand or where your competition is fairly low. If at all possible, you’ll want to expand to a location where the other businesses on the block are complementary, to ensure your business fits into the local market.
7. Think about recruiting efforts
If you’ll be hiring employees and managers for your business, you’ll want to make sure you open in an area where there’s good access to public transportation or where potential employees will be attracted. Finding high-quality employees is crucial to your business success, so plan your location around where employees want to work.
8. Look for sites with parking options
No matter how attractive your business is, sufficient parking should be a key consideration. Does your business location have a convenient parking lot, or will your customers need to pay for parking—and will they be willing to? If paid parking is your only option, you’ll also want to consider if your business will offer validation. And don’t forget about your employees here—they’ll also need somewhere to park.
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