20+How+do+you+choose+a+location+for+a+company

20 How do you choose a location for a company?

There are many factors that are involved with where to locate your business in order to find the customers that you need to generate the most profit. Below, we have listed the numerous factors that you should consider when deciding on where you should locate your business. 1. Facts.Facts.Facts. a. Research the location you are planning to open up your business in before signing a lease or buying property. Research demographics, facts about average household income, etc. Do not assume that your business location is good because it would be convenient for the customers; this is not always the case. It is immensely important for you to do the numbers, and break it down to make sure it would work. 2. Location a. In our research we found that businesses in retail that are located right in the center of their customer base (rather than on the peripheral) are more successful. This is because; consumers will just find something more convenient for them, instead of doing business with you. It is also important to note, understand, and consider the flow of traffic and the options for parking at your location. For small businesses, it is much more critical to focus on advertising, parking, and traffic flows. 3. Know your competition a. We found, that small businesses are more successful when located as close to their biggest competitor as possible. You can benefit from their marketing efforts. For example, your competitors chose their locations based on the IDEAL demographics of that particular area, and they devote incredibly large amounts of their budget on advertising to get the driving traffic into location. You can benefit from this, in a very expensive way, when you are located close to them 4. Get Help a. It is important (with any small business decision) to make sure you have considered all factors in a situation. Be sure to have a good lawyer with you when you negotiate a lease, or look to buy a building for your location. Terms and conditions can be very tedious to keep up with and having a lawyer can keep you from getting into troubles with liability and disagreements. 5. Ask Yourself… a. When deciding on your location for your business, there are many questions you will want to ask yourself. Below are some examples, you can find the rest of the questions at [|http://www.entrepreneur.com/article/73784#] i. Is the facility large enough for your business? Does it offer room for all the retail, office, storage or workroom space you need? ii. Does the building need any repairs iii. Is the facility located in a safe neighborhood with a low crime rate? iv. Are there any competitors located close to the facility? If so, can you compete with them successfully? v. Is parking space available and adequate? vi. Is the area served by public transportation?