Choosing a Location for a Business in 2020

Before you decide to start hunting for shopping space for your business startup, it’s important to keep a few vital things in mind. You need to have a solid idea of what you intend to set up, what you must have, what you definitely don’t want, and how much you are willing and able to cough up. Coming up with that picture intact can be a tedious and time-consuming affair, but it’s always critical that you give it the thoughtfulness it warrants. Here are a few vital tips to consider when choosing a location for a business in 2020.

How Accessible are Your Premises?

It is absolutely critical that you consider how convenient it is to locate and access your business. Consider how easy it is for your current and potential customers to locate, access, and park at your premises. Additionally, consider the type of customers you are targeting or already have and their needs. If for instance you have elderly customers, ensure that the location you select doesn’t force them to climb a long flight of stairs.

What Cost will You Incur?

Cost is always among the most important factors to consider when looking for the best location to set up a business. Not only do you have to care about finding the right building, but also a neighborhood that fits your budget. You also have to think about the state/city as well as income taxes for the state you want to set up your business in. Consider how much you will be required to pay the employees you will hire in that city or state. You also might want to consider whether there are any other alternative locations in a neighboring state or city where costs may be lower.

Are there any Zoning Restrictions?

It’s easy to ignore factors like zoning restrictions from the onset when searching for a prime location. However, zoning restrictions are really important when establishing any business. For instance, if you are going to start a metal fabrication business, you need to find out whether the location you select has any restrictions regarding noise and air pollution. Make an effort to learn about the city’s/neighborhood’s ordinances and zoning regulations so that you don’t encounter any problems with your business’s operations in the future. 

How does the Location reflect your Brand?

You may find a suitable premises at the right cost and convenient zoning restrictions. But you also need to ensure that the location reflects your brand. For example, if you’re going to be dealing with jewelry, you don’t want to find yourself in a neighborhood with a high crime rate. If you are going to deal in metal fabrication, you want to ensure that the neighborhood you are targeting frequently needs your services and products. A neighborhood that has a booming real estate development market would be ideal.

While many business startup blunders can be remedied later on as the business progresses, making a poor choice when it comes to location can be detrimental to the success and ultimate survival of the business. In case you have a hard time finding the perfect location, you may consider hiring a consultant to help you make the right decision. This can help to make the whole process less overwhelming and more successful.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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