Consider the Surrounding
Community
Determine if
the community is actively seeking new companies. Learn of possible incentives
by contacting the local economic development agency. You could receive
financial support for tenant improvements, municipal programs giving
preferences to area businesses or local tax and planning department waivers.
Tip: Try to lock in incentives
prior to signing a lease to ensure you get the incentives you are promised.
Beware of Problem Locations
Some
locations are simple bad for business. So look out for revolving business sites
that is the home to a new business every few months. Remember the goal is not
to buy the cheapest location. According to lease consultant, Dale Willerton,
the goal is to select a site that will help you maximize sales.
Identify Target Customers
Seek
locations that have an abundance of your target customers and employees with
the necessary skills to get the job done. Other considerations for your
customers include market size, customers’ purchasing power, traffic flow, and
any physical barriers and traffic limitations or detours.
Pay a Fair Price
Be realistic and ready to pay for a good location. Good
locations are not cheap, but they will contribute toward business success.
Know the Competition
Evaluate the competition and be certain there is enough
business to go around. If the area is saturated with similar businesses then
you may want to consider a new location. If you are determined to compete in a
tight market you must be able to offer a product or service that sufficiently changes
to the game and draw enough business to make the operation workable. Assessing
the competition will also help determine if your company can gain a competitive
advantage by offering something the existing competition doesn't or determine
if your business idea is feasible.
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