When choosing a business location you’ve probably heard this advice: “Location, Location, Location!”
But what does that mean exactly? It’s more like a warning than advice. It’s like someone shouting “Speed bump!” to a 16-year old who has never driven a car. Do they speed up? Slow down? Swerve around it? Who knows!
A warning doesn’t provide the actions or factors needed for success.
I want you to confidently know what factors you need to consider when choosing a successful location for your small business.
Choosing the wrong location is a hard mistake to remedy.
Once you sign a lease, be it a building, vehicles, equipment or websites, you are legally obligated to pay for the full term of that agreement. You’re locked in!
With a decision like this, it’s easy to stress and get lost in all the possibilities.
Use the below checklist to help you make an informed decision when choosing your location— whether you’re just starting up, opening a second location, or transitioning online.
Research your options
Chances are you have enough going on without having to worry about a noisy neighbour, a leaking roof, unstable internet or a vehicle that breaks down.
Take your time and do extensive research before making decisions about the infrastructure that you need to set up or run your business.
Choosing a business location is a big decision to leave up to chance. And a surprising amount of small business owners do that— the location of their business just happens— whether it’s a storefront that suddenly opens up or the first website provider they find.
Shop around, meet the other tenants and do your market research before you decide. Create a system to track all the factors you have to consider when choosing a business location.
Forget “Location, Location, Location!”. Instead say, “Research, Research, Research!”, it will be worth your time and effort in the long run.
Until next time, enjoy your Entrepreneurial Journey!
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