Choosing a new location is perhaps the most important decision a business owner will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding municipal and provincial laws and taxes, and much more.
Here are some tips to help you choose the right business location:
Determine Your Needs
Most businesses choose a location that provides exposure to customers. Additionally, there are less obvious factors and needs to consider, for example:
Brand Image – Is the location consistent with the image you want to maintain?
Competition – Are the businesses around you complementary or competing?
Local Labor Market – Does the area have potential employees? What will their commute be like?
Plan for Future Growth – If you anticipate further growth, look for a building that has extra space should you need it, or potential to be relocated with ease.
Proximity to Suppliers – They need to be able to find you easily as well.
Safety – Consider the crime rate. Will employees feel safe while alone in the building or walking to their vehicles?