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Finding a Location for a New Business
Home » Entrepreneurship » Launching a New Business » Finding a Location for a New BusinessWhy is location is important?
In today’s world of cyberspace and virtual offices, location may not be relevant to your new business. But for many businesses, location could be the most important decision you make when launching your business. This is especially true for a retail business. If you are starting a retail business, look for an area with heavy foot traffic, plenty of parking (preferably a free lot) and a number of thriving nearby businesses. If there are many vacant buildings or boarded up windows nearby, the location probably isn’t a thriving area to launch a business.
Once you find a place you like, find out its history. How many businesses have come and gone in that location over the past ten years? If there is a high turnover, i.e. 5 different businesses in the past 10 years, perhaps there is a location problem.
If you choose to lease a space, understand the terms of your lease. If you are leasing a store in a shopping complex, will there be extra fees for utilities? Find out the hidden costs and fine print.
Terms of the lease: beginning businesses may do best with a "month-to-month" lease rather than a six-month or year lease. If your business fails halfway into a year lease you may be liable for the remaining six months rent. Examine the terms carefully.
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- What sources are available to finance my new business?
- What if I have to Borrow Money to Fund My Business?
- Finding a Location for a New Business
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