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Business Location: 4 Important Factors To Consider

Getting the right business location is one of the most important factors in success. It impacts the number of clients or customers you have, relevancy in the market, operating costs, and overall profitability. Location affects all types of businesses. So if you are already an established company, it could be worth speaking to a realtor and some office movers. And if you are a home-based business or an online store, think about how your customers find you there as well. 

Business  Location #1: Accessibility

When it comes to selling directly to customers, choosing exactly where you set up shop is about as important as what you sell. Consider where you live and shop. Do you prefer to look around at a popular mall? Is the drive downtown a pain and something you avoid like the plague? How about those hard to find, back roads with sparse population? Of course, everyone is different but keep in mind exactly what it takes for people to find you. Even a single street over or a corner location could make a big difference to your sales.

Business  Location #2:  Competition

Competition isn’t necessarily a bad thing. Did you ever notice that many similar types of businesses group together? Think about the last time you wanted a fast food meal. I’m guessing there were at least several of these types of restaurants around the location of the one your chose. And, what about those bars? This is because when consumers shop, they often don’t just hit one store. Having multiple choices is a positive thing that often results in a convenient shopping trip.

Do your research before you open or look at relocating. Having direct competitors could also be a negative thing if you don’t have a product or service that stands out. Make sure that you can be seen and that you can bring something viable to the area.

Business  Location #3: Count Your Cost

Just because a city is big and popular and full of potential customers, doesn’t mean it makes sense to be there, especially from a financial standpoint. The costs of operating a city business could seriously outweigh the amount of revenue you bring in. Could you do as well at a suburban mall that charges half the rent? Again, these are things that you will only know after doing market research. Realtors, market analysts, business owners, and online records are all resources to help you understand location. 

Business  Location #4: Regulations

There is so much to consider when it comes to location, including zoning, fees, and taxes. Do investigate local and state regulations and tax rates in your area. Also remember, these can change from state to state if you are moving from a distant location. This goes for home-based businesses and some online ones, too. If you don’t have a business attorney in your corner, seek out some advice from a local business organization or legal aid center. Sometimes, accountants can help with regulatory fees as well. It’s not fun to get bills in the mail that you didn’t expect. Also, if you move, make sure that all of the agencies governing your business can find you. I once had a situation because I didn’t get my mail on time after I moved. 

 

About Kellie R. Stone

“I make no excuses for my diverse roles as a Rock Your Feminine Type Coach™ and Branding Expert, best-selling author, and crime thriller novelist. Yes, I do still chuckle a bit at the irony. I kick ass as a women’s biz coach by day and kill off vulnerable fiction characters at night. What the hell, it makes for some interesting dreams. I believe that everyone should pursue their passions no matter how out there they seem to be. One of those pure heart-fluttering passions for me has always been writing. Since I did, indeed, chase my dream of being a writer, I’ve published two non-fiction books in the self-development genre, co-authored an international best seller, and now I’m finally pushing my much-too-old-to-be-in-the-nest novel out the door and into the world. My whole world is empowering and I adore showing others how to live life unfiltered, whether I do that through the written word or my coaching work. I love my job!” ~Kellie R. Stone

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