Step One: Where Should I Locate My Business?

Congratulations. If you have conducted research on your industry, your potential customers and your competitors, you have completed much of the homework you should do before deciding where to locate your business. For instance, if you find out from your research that your customers are only willing to travel fifteen miles out of their way to visit your shop, you will want to open it close to a neighborhood where many prospective customers live. If you are opening a donut shop, you will probably want to make sure you do not open on the same street as a nationally known donut shop.

Additional things to consider when deciding on a location include taxes, laws and permits, roads and facilities, incentives that might be offered to new businesses, access to interstates, availability of warehousing, and complimentary businesses located nearby.

For instance, a shop selling wedding dresses might do well located close to a bakery selling wedding cakes. Another consideration is the cost of operating in a certain area related to the benefit. For example, perhaps your business does not need to be located in a high-rent mall. Keep in mind alternative locations for businesses.

One such alternative is a business incubator. Incubators provide clients access to rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the financing necessary for company growth. To find a business incubator near you, go to http://www.sbtdc.org/services/incubators.pdf.

And, of course, many choose to run their small businesses from home. If you decide to operate from home, make sure you will be able to meet any city, county and/or state regulations related to running your particular home-based business.

---

Next: How Do I Finance My Business? >>>

---