Sara El Kareh
Regardless of all the needs for starting a business, choosing the location is just the most crucial decision that one should make. It is not an easy task, since it needs a detailed plan and a vast research. One should identify demographics; evaluate the supply chain, study the challenge, maintain the right budget and several other requirements.
If you want to choose the perfect location, read the following tips:
1. Decide what you want. Many small business owners choose the location according to where they are most recognized by the customer. Moreover, there are some other requirements to be considered:
- Whether the location suites the image of the brand that you are planning to keep.
- Whether your business a competing other business in the same location of it is complementing them.
- If the location can grab required employees, and what are the means for their transportation from their home to work and vice versa.
- Whether the planned building will be perfect for further growth and additional space.
- Whether it is within easy reach for major suppliers.
- Whether it offers a safe environment for the employees who will have to stay alone sometimes, or walk to their cars.
- Whether there are any restrictions for starting a similar in such location.
2. Analyze your assets. Of course, you should be aware of what you can afford, but also you must take into consideration other financial needs, such as hidden costs. In fact, not all areas are ready for businesses for they might include costs like refurbishment, redecoration, and updates to fit your business…
3. Check if the location is suitable for businesses. It is important to consider the regulations and laws related to the business in this area. Since you are definitely aiming at growing your business, it is essential to work with a business expert or advisor.
4. As a final summarizing step, conduct your research properly, build relations with other business owners and talk to possible cotenants.