4 Tips For Picking a Business Location

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.

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.