Selecting a Business Location
There are many different locations you can have for your business, and choosing the right one will go a long way in determining how successful your business will be. Your location has to suit you and your business, while at the same time not costing you too much. So, what type of location is going to be best for you? Here is a list of different business location types, and what they can offer you.
- Retail: If you are selling retail products, then allowing customers to reach you is of paramount importance. You can have your retail location in a wide variety of places including a mall (enclosed or strip), shopping centre, shopping district or multi-use facilities. You can reach many customers this way without having to advertise, but the rent can be quite high.
- Home: If you can, a home-based business location is the best. Not only do you not have to pay rent for the location, but also you can write off part of your rent/mortgage because you are using a portion of your home for your business. You can use a spare bedroom, garage, kitchen table, attic or anywhere that suits you in your home. The only problem is that the growth of your business is limited at times, and you will have to manage your home life with your business life.
- Commercial: If retail is not enough, a commercial location may be the best. You get office space, parking and more in business parks and office buildings. You can be downtown, on the outskirts of town, or in a suburban area. One of the great things about a commercial space is it looks very professional with a place for a receptionist, offices for employees and more. The only downside is that it can be very expensive and that can cut into your bottom line when you are just starting out.
- Mobile: Rather than have a fixed location, you can work directly out of your vehicle, going to your customers rather than having your customers come to you. You can write off part of your car payment and the gas, while not paying any rent for your business location. It is a great option if you are just starting out and can work in a mobile environment.
- Industrial: If you have a business in an industrial sector, then having industrial space is very important. You typically will get large spaces, yards and more, which allows you to showcase what you are selling, or to serve as a distribution centre if that is what your business is in. The type of industry you are in will determine if you are in a light, medium, or heavy industrial area of the city.
Location, location, location is what they say about business and if you don’t choose the right location, you may not have a successful business. That is why you must do what you can to choose the right business location type.
First Published: EntrepreneurJourney.com Sep 6, 2010