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Location is everything
Your choice of a location is vital to your business, so put careful thought and analysis into your needs. The expense involved in a poor decision can be disastrous.
Facility Selection
First of all, consider your type of business. Does your current location meet the needs and image of your business? Do you require heavy traffic (either foot or car) or will people come to you? For some businesses, such as retail stores, location is critical. Others--manufacturers, some services, wholesalers, etc.--do not rely heavily on customers coming in the door so location can be less of a factor. You may even be able to find a local small business incubator or operate out of your home.
Consider the following factors as they apply to your unique business needs when choosing a location:
- Specific needs of your business--space, special installations, etc.
- Zoning requirements (check with your local planning office)
- Appearance of the area; safety
- Customer base of the area; population density and type
- Traffic patterns, accessability, and parking
- Nature of the competition
- Cost
- Lease terms
- Assistance--merchants associations, landlord, etc.
Look at Your Existing Location
Make your location welcoming. Be sure it is:
- Clean, safe, and well-maintained
- Easy to find; well signed
- Attractive
- Presents a positive image of your business
Lease Negotiation and Renegotiation
First of all, when negotiating or renegotiating a lease, read it carefully before signing! You may want to seek the advice of an attorney. Do comparison shopping ahead of time--make sure you are getting a fair price per square foot for the area. What is included in the base lease amount? Are there any common area maintenance (CAM) or other charges? Remember, everything is negotiable!
Relocation
Sometimes you have to move--out of choice or not. If it is your choice, make sure the benefits of relocation outweigh the costs. Can you solve your needs in some other way, e.g., by reorganizing for more usable space, adding on, giving your current location a face-lift or some other solution? If you have to move, be sure to let your customers know about it in advance. Use this as an excuse for a major promotion. Have a party or open house. Find ways to encourage people to visit your new location.
Assistance
There are a number of places to go for assistance with your location. The local Chamber of Commerce can often help. Small Business Development Centers, funded in part by the U.S. Small Business Administration, have offices throughout the country which provide free consulting assistance as well as literature and information. There are also professional consultants, bankers, lawyers, or realtors who have information that can help.
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