- August 26, 2019
- Posted by: Asheesh Sinha
- Category: Business plans
You’re beginning your first start-up. What an exciting time! Obviously, you have quickly figured out that there are a lot of details you need to keep in mind. Things such as capital, licensing and the cost of materials immediately come to mind. Another question to ask should be, “What about your location?” This is an important consideration, especially since the location can make or break your young business. Planning is important, so here are three of the most important components to consider for your location.
How Much Space?
When considering your business space, often the most important consideration is not just where it is but how the space is set up. Does it allow for growth? Does the space have conveniences such as communications, wiring options and allowances for extra data? If you are going to stay at the business for a long time, does it offer opportunities for growth, such as solid parking options? If it is a leased location, does the rent give you the most bang for your buck? All of these spatial concerns need to be kept in mind.
Is it Easy to Move In?
Whether it is easy to move to depends on the type of business you have. Obviously, a new restaurant will entail more than a small retail outlet. With retail, in some cases, you could simply just rent a booth. With a restaurant, you have to make sure the business is up to different codes and local ordinances. Either way, if you pick a standard building for your location, you need to make sure they have a decent amount of ASHA exits. Not only are they good for a convenient workplace, OSHA standards say you have to keep them clear and have a few of them, you can even be cited for it if you fail to follow their guidelines. The routes for evacuation need to be properly designated.
Does the Local Area Have the Right Demographics?
The area you choose needs to have the right demographics in order for it to succeed. Retailers and service providers need to pay special attention to this concept. Although it’s not as urgent for other types of start-ups, you still need to look at the population of a given area to properly ascertain whether you will be able to consistently obtain a good workforce and attract the types of customers you want to market to.
When it comes to selecting a business location, the bottom line is to do your research. You want to make sure that you pick the place that will best help your business to thrive. Look at all of the avenues and don’t leave anything to chance!
An important part of a new business is a good business plan. Let PlanThy Business help!