Jun 15, 2020 06:38 PM EDT

The Big and Little Things in Selecting a Business Location

The Big and Little Things in Selecting a Business Location

(Photo : Flickr / Ben Schumin )

As anybody who has started their own business will tell you, selecting the right location to set up shop is one of the most fundamental aspects of starting on the right foot. This sometimes becomes so much the case that we obsess over this detail in ways we shouldn't, taking it to a level that can limit our overall potential. Hindsight may be 20/20, but by taking a deeper look at the details of a business location before you start you can better get off to a much smoother beginning.

Balancing the Minutiae

The first thing that an entrepreneur needs to factor into their business location is the physical realities and needs they will encounter. It's no use ticking most of the boxes if a bottleneck in one area holds everything back, so finding the right fit is very much a balancing act. Among the most common areas of concern are:

* Floor and storage space

* Foot traffic

* Proximity to other and related businesses

* Demographics

* Parking

* Condition of the building

* The local community

Depending on your business, some of these elements may be ignored or downplayed, or shortcomings might be unavoidable. Even what seems like a great deal can be completely undercut by a failure in a single key area, so remember to temper your expectations and understand your business's limits.

Going Non-Traditional

Given the realities of the modern age, another key aspect to consider are the non-traditional opportunities available. Today, the benefits of social media and internet advertising can make what used to be non-viable locations an entirely valid path. The most common way this can be seen is in home-run businesses.

Being able to operate a business from home, even if it requires upgrading to a new place, means killing two birds with one stone and massively reducing running costs. While it might have once been necessary to invest heavily in expensive advertising to support such businesses, word of mouth, social media and community online forums can now make this a much cheaper and more feasible option.

Not All Mortgages are Created Equal

Only once you fully comprehend the larger picture should you take the final steps in securing funding. Getting a mortgage is an aspect of entrepreneurship that most new business owners will understand on a base level, but what also needs to be factored in is just how widely mortgages can vary.

While this variance can generate a wide array of great deals, it can also create a confusing, frustrating, and time-consuming experience. Because of this, we would recommend seeking out online comparison sites operating in your area to do the heavy lifting. As an example of this in the US, Trussle gives great mortgage advice, with simple comparisons between 90 different lenders and 12,000 different deals. Whether your business is located in the CBD or your home, these services are a real boon. 

The Big and Little Things in Selecting a Business Location
(Photo : Flickr / GotCredit)

Good Things Take Time

Taking all of the above components into account, the most important advice we could give you is to take your time. Rushing into a business decision is rarely a recipe of success, and such haste can make you miss out on better deals and lead you astray. Of course, there is a limit on waiting for a hypothetical perfect situation, but work with patience at the very least, and unexpected failure will be a much less likely result.

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