Choosing a perfect location for your business involves numerous proximity issues related to suppliers, customers, employee and nearby competitors as well. Besides, the character of the chosen community may also have an impact on your business location choice. Whether it’s the mainstream or a tranquil valley, your selected business location typically defines the difference between failure and success.
i. General Factors
Choosing a business location is regarded as the most crucial decision a small business owner and new startup will make. For this reason, it requires thorough research and planning. It also involves how to access the availability of supply chain, scoping the competition, staying on the budget and understanding legal requiems. Here are some roundups on how to choose the best business location:
Most startup companies tend to choose a place that will provide exposure thus driving foot traffic. This means that features like pedestrian, vehicle access; parking and reputation of the neighborhood are just a few factors to consider.
If there are various competing businesses around, then it may be a demerit if located your business close to your competitors for similar or related activities.
iii. Business brand:
The chosen business location should be in line with the enterprise brand image. This is what makes a company maintain its brand name at the local levels.
Business Future growth:
For a better business future growth, then preempt the need for different moves by simply searching and looking for a business building that has additional space. It will be much easier to expand the desired business premise in case you need it for your business growth.
Have a local labor market:
Your chosen area should have what you simply need, regarding your potential employees. It is quite critical to make sure that your employees are on time at work without encountering unnecessary traffic. Suppliers need to find you quickly too.
Your chosen location must have ample security. Thus, starting from your neighborhood and as you walk alone in the premise too. Take time and research the possible crime in the selected location.
While working out on how to choose the best business location, you will need to be more critical of other economic factors. They include:
Determine whether the income tax and sales tax rates are the same in your state. You can simply do this by locating your business across a nearby state line and pay less tax.
You should make consultation with the Department of Labor Office on issues about minimum wage bill. High wage bill will negatively impact your business payroll cost. For instance, the federal minimum wage is about $7.30 per hour. Note that many states have higher federal wages such as in Washington is $9.05 per hour.
In this age of heightened technology, there are lots of benefits and downsides of choosing a particular type of business equipment. However, it all depends on your capital from the start. Other questions you should ask yourself include the following;
What’s the best deal?
The benefit of having your money is that you will reach and select the best equipment dealers for your business. However, you can also opt to lease equipment depending on your initial capital. Many startup businesses tend to struggle with cash flow and must keep their net flow balanced. This way, you can acquire new equipment without draining your business financial resources.
Search for reputable equipment dealers
It goes without saying, cheap is expensive. Choosing reputable dealers will enhance the growth of your company, and for any faulty machine, you are sure of warranty.
iii. Maximize on Efficiency
Once you have selected various pieces of equipment, you should then determine the required operating capacity. It will largely have an effect on the number of employees you have and how they are likely to use these machines. The high performing machines are recommended for bustling offices while smaller equipment works best with modest size offices.
Conducting appropriate research is essential to choosing the best business location and equipment for your startup business. Take time to talk to other business partners and potential co-tenants. Equally, make use available resources for your research such as the internet and entrepreneurial magazines and be sure you shall get assistance.