Member Insight by John Horner, Founder of Core Developments
As a new Business-owner, picking out a location is probably one of the most exciting steps you take. However, while it is a very exciting part of the process, it is also one where a lot of business-people run into problems because they rush into it.
Before you dive into your purchase, make sure you’re starting your business off on the right foot by doing some research and evaluating your concerns before you start looking at properties.
The first thing you should do before picking out your business location is to create a list of all the things you would like to have, would want to have, and absolutely won’t tolerate. This will help you keep a level head while looking at property after property. It’s easy to convince yourself that problems “aren’t so bad”, but having a list of things you won’t tolerate will help you make a decision you’ll be happy with in the long-run.
Before picking your business location, you must also know your business type and needs. If your business is in the retail industry, it is necessary to choose a site that has a lot of foot traffic; however if your business provides web services, you may not find foot traffic as important of a factor. Knowing your business location needs prior to searching will help you narrow down where you’re looking. This also prevents you from finding the absolute perfect property…in the wrong location.
Does your potential business location have a lot of competition? A retailer may choose to look at areas with minimal amounts of competition in order to boost their own sales. Or maybe they’ll want to pick a location with a few similar stores so that customers are able to compare. Whether you view competition as a positive or negative part of the business, it is inevitable. It is crucial to evaluate how much of it you are willing to tolerate, or how much is beneficial when picking a business location.
This post first appeared on Columbus Chamber Of Commerce | Columbus Small Busi, please read the originial post: here