How do you plan to pick your business location? Many factors determine the location of a small business and its success in this spot.
Ready to find the right business location? Here are some tips to keep in mind before making the decision.
Determine Your Demographics
Most small businesses will want a location in areas where their customer base is.
In addition to seeking out a strong, local community, consider if the same area has other successful small businesses which make up its economy. Research the work force in the area to better determine which employees your business may hire. Review where competitors of your business may have locations. This ensures you don’t accidentally end up in the same neighborhood.
Look For Foot Traffic
Small businesses which rely on foot traffic will likely not want to be in areas where they are not visible or easily accessible.
Look for a business location which makes it easy for your target audience to find your business. If possible, try to spend a few days in this area. Throughout the course of the day, you’ll be able to see the hours when there’s an increase in foot traffic. It will also give you the chance to see if potential customers will visit your business, if the location has an easily accessible parking lot, and if shipments can efficiently be made for delivery purposes.
Review Business Registration and Expenses
If you are planning to locate your business in specific city, county, or state, you will need to register your business in the same place where you plan to conduct business.
In addition to registering the business, business owners will need to consider these requirements:
- Costs. What will your startup costs look like depending on your location? Costs impact everything from minimum wage and salaries to paying for business insurance, leases, parking, and utilities.
- Taxes. This includes taxes for the city, county, and state. Some common taxes businesses will need to consider include income tax, sales tax, and property tax. You may decide to choose a business location in a state which is a corporate darling for its tax friendly environment.
- Business licenses. You may be required to have certain business licenses and permits before opening your doors.
- Zoning. You will need to make sure the space you plan to work out of is zoned for commercial or residential use. Review the zoning laws in your local area to determine if there are any zoning ordinances your business needs to know about.
Choose The Best Building Structure
When choosing a building for a business location, you want to make sure the property and its location are a win for everyone.
You should like it, employees should like it, and potential customers should like it. This means choosing a business location in a structure which makes sense for everyone and has a good historical site image with previously successful tenants.
Register your business before moving to a business location. Contact MyCorporation at mycorporation.com or give us a call at 877-692-6772.