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How to Choose the Right Location for Your New Business

Are you planning to start a new business? Assuming it’s a local business, you’ll need to choose the right location. Ask any successful business owner and he or she will likely agree: Location can make or break a business’s success. By taking the time to choose the right location for your business, you’ll have an easier time attracting customers. In this post, you’ll learn the steps to choosing the right location for your new business.

How to Choose the Right Location for Your New Business

Identify Your Business’s Target Demographics

Before you can begin surveying prospective locations for your new business, you must first identify your business’s target demographics. Why is this important exactly? If you don’t know the demographics of your business’s customers, you won’t be able to choose a location that’s near your business’s customers. Regardless of what you intend to sell, you must identify your business’s target demographics. Only then will you be able to choose an appropriate location that drives sales for your new business.

Consider Competition

Don’t forget to check for competition when choosing a location for your new business. It’s nearly impossible to avoid all instances of competition, especially if your business operates in a populated city. With that said, too much competition can make it difficult to sustain and grow your business. Therefore, you should consider the amount of competition nearby when choosing a location for your new business. If there are a half-dozen or more businesses that sell the same or similar products, you may want to look elsewhere.

Research Business Startup Fees

It’s also a good idea to research startup fees in prospective locations for your new business. Different cities and counties have different requirements for starting a business. Obtaining a business license in one city may cost just $20, whereas another city may charge $100 or more for a business license. Do your homework by researching business startup fees before you sign a lease or rental agreement in a new area.

Choose an Easy-to-Access Location

When surveying prospective locations for your new business, make sure it’s easily accessible. If prospective customers can’t easily find or access your business, you probably won’t generate many sales. You can expect to pay more in leasing or rental costs for an easy-to-access location, but it’s a smart investment that will start your new business off on the right foot.

This article was brought to you by Intrepid Private Capital Group – A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our website.

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Intrepid Private Capital Group • August 8, 2019


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