One of the first things you’ll need to do once you have your mind made up about starting a business is to choose the perfect location for your business.
Of course, you will need to get to work with creating a business plan before that. Many people make the mistake of skipping this extremely crucial step, leaving them falling behind on making their dream a reality.
But one of the most important aspects of a business plan is finding a decent location for a business. While you will find a wide array of options open to you, many of these will be lacking in one respect or another. Below, we discuss some things you’ll need to consider when you’re looking for the perfect location for your business.
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Your brand image is an important consideration when you’re looking for the perfect location for your business. You’ll want to choose a location that is consistent with your brand image. Your business’s location will be a big part of what you project to your clients and customers throughout your operations.
However, you won’t be able to develop your brand image overnight. In fact, you will have to run many advertising campaigns with a consistent theme before your brand will start to gel.
Local Labor Market
Most small businesses don’t employ large numbers of people. However, they still need to be located in an area where the local labor market is favorable. You will need to research the area to determine if there are potential employees there who might be willing to work for you.
You should also take into account any potential employees’ commute. As a new owner of a small business, you will probably be paying only the minimum wage or a little higher. This is understandable, because you’ll want to keep the prices on your products and services more competitive in the market. All the same, you should not expect anyone to drive a long distance to reach your location if you’re not going to be paying them well.
This is something that will also need to be factored in during the hiring process. Avoid hiring people who would have an extended commute to your business, because these individuals will probably not be able to make it to work in unfavorable weather conditions. There is also the issue of fuel and vehicle mechanical issues. A long distance commute also means higher risks of motor vehicle accidents.
Competition in the Neighborhood
Nearly every business has competition or rival businesses that offer the same services or products. The key to success in today’s economy is finding a location with little to no competition. Of course, this will be extremely difficult to find, but with a bit of research you will find the perfect location for your business without a lot of competition. A useful tool you can utilize is Maptive’s heat-mapping software; it can help you visualize data sets into a clear picture in the form of a heatmap. You will be able to quickly identify areas that might already be saturated and other areas where there is still a market opportunity. Of course, this will be extremely difficult to find, but with a bit of research, you will find the perfect location for your business without a lot of competition.
A very important factor that you must consider is safety. This is important for you, for your business and for your employees and customers. You definitely would not want to build your business in an area with an extremely high crime rate. There will likely be times when someone will need to stay late or arrive early and work in the business alone. This could be you or it might be one of your employees. Then, too, in high crime areas, just walking out to your vehicle after dark can be risky.
If you cannot find information about crime around a location you’ve spotted, contact the local police department. An official there should be able to provide you with the information you need in a matter of minutes.
Remember to choose your business’s location carefully because the perfect location for your business will allow your business to thrive.