Have you been thinking of starting your business? I believe the answer is yes. Starting your own business may sound fancy and very exciting and to many, it is usually overwhelming. The feeling of having you as your own boss can be pretty good, but starting up your business and running it can be a very hectic process that you will have to deal with as long as you are in the business industry.
Well if you intend to start a business you must be familiar with THE FOUR P’s an introductory that is done in almost all business-related courses. The Four P’s usually deprive Price, Product, Promotion, and Place. In this case, we shall refer to one P “Place”: in general place refers to the area whereby clients will be evaluating and accessing your services and products.
The place may not matter much for people who operate virtually, but to areas like restaurants, retailers, and many service businesses it is one of the major factors you should consider before setting up the business. Ironically many people tend to overlook the location factor whereas getting the location right can make a big impact on your business’s performance.
In the retail world, it is said that three most important decisions you will make before starting a business are location, location and location do not overlook this at any cost. Yes, you need, and you might have that winning product, but how will prospective clients get to know about unless you get them through the door? Food for thought.
Finding the right location is not a matter of getting the writing building and a big room No, you should look at a bigger picture and put the considerations below in mind.
Are the Lease Agreement Terms Favorable?
Many business starters are usually ignored when it comes to this. A lease agreement is a vital legal contract between the landlords and you who are renting the desired premises on matters to do with rent payment and the dos and don’ts of the premises. Ironically many people do not pay much attention to it, but it one of the most crucial contracts that should be carefully read and understood to avoid legal conflicts and really haunt you in the future.
With this in mind before you start your business in anyplace ensure you thoroughly read and understand the concepts involved in the agreement. If in any case, you fail to understand you may involve a realtor or an attorney. The lease agreement may limit you from accessing crucial areas like parking space for your clients and other major client assets preferences with this you will not have enough traffic for your business to ensure that your business’s sales are at their maximum.
The lease agreement also brings a memorandum of understanding between you and the landlord and also you can negotiate on changes to be made if the conditions are not favorable before it’s too late. With that ensure you have a clear picture of your potential business’s premises lease agreement to avoid getting into any problems. Doctemplates.net has a guide on writing a lease agreement that offers valuable information and lease agreement samples to help you in this process.
Which State Would Be Best for Your Business
At number two we shall look at the state. We know that income taxes greatly differ from state to state. You should ask yourself whether the desired state of interest is open to entrepreneurship. Does it have favorable conditions? To the specific business, you intend to run. The survival of the small business is majorly ranked by how friendly the states are to the small business. If your business is located in none friendly state it is high time you look for an alternative to moving your business to a better place.
Safety is First
No one would like to set up their business in a place where you have sleepless nights when you have closed your business due to the worry of whether or not you will find your assets the next day. Safety is a major factor to put into consideration before you settle for an area to start your business. Apart from that clients also tend to be very sensitive to matters to do with the above. Everyone wants to go get services at an area whereby you walk around feeling insecure. Fortunately, this is an aspect that gets attention and most people are very sensitive to it.
Location open and relative to infrastructure.
You should ask yourself whether the location is easily accessible to potential clients. In this case, you ought to set up your business in a place where roads are an okay and less remote area so that anyone can come to seek services or get products at any given time without the fear of long travels, bad roads among other issues.
Part of town
You need to know what kind of community surrounds you and if the area is consistent with the image of your business.
Strategic partners
With an example of Silicon Valley for the Tech Industry, a strategic partnership may lead to the growth of an area to become hubs for certain types of business. It may not seem like a key issue but looking at a bigger picture it is.
Traffic & pedestrians
This varies for every business for example if you intend to set up a restaurant a club or a boutique you would definitely go for an area with lots of traffic as it gives you the right exposure and with this you get more clients. On the other hand, if you want to set up an office a place with less traffic would be best. Offices require quiet calm areas.
Facility requirement
If you have special needs for your business such as specialized wiring or an occasional meeting space, you should get a complex that allows you access to the facilities with no complaints.
Zoning
Make sure you have done research on whether your business is allowed in your area of desire. Many countries tend to have very strict signing requirements. Make sure you are allowed before signing the lease agreement.
Convenience
Ask yourself if your business is located in an area that is easy to find? Consider the type of clients your business will be frequently interacting with. This will enable you to make an analysis on the convenience feature.
Type of location
What kind of business do you want to set up? If for example, you want to set up an industry you
ought to look for sparsely populated zones due to noise and air pollution that may affect people.
As you can see, before you settle down on a certain area you need to do research, keep your mind open on different options be fully informed since setting a business is a very tough equation that requires time to solve.
