Things You Should Consider When Locating Your Business across the US
You already know that choosing a good place is one of the most important factors that will contribute to the success of your business. Nevertheless, before you make a decision on which location will best suit your business, you have to consider seeking advice from a local commercial real estate agent. Finding an agent who is well versed with the area will not only help you identify the best location for your business but also will save you a lot of time and headaches.
When you meet with your local agent, make sure to ask all relevant questions to help you find the ideal location that will save your time, energy and money. Mount Bonnell Advisors can be of great help for entrepreneurs when looking for an ideal business location. Below are factors you should consider before locating a business in the US.
Follow Local Zoning Laws
Most business people get excited when they locate a place for their business in the US only for them to realize later that the city will not allow them to set up a shop in that area due to zoning conflicts. It is advisable to rule out zoning issues from the word go, though there are some cases where the city or county will grant you an exception.
Zoning refers to the process of investigating your city’s legislative zones to find out what economic policies exist in each area that may harm or benefit your business. Zoning may have loads of advantages to your business hence it is important to be on the lookout.
The US government has made laws and regulations that it considers best for its economic growth. The idea mainly is to boost the economy of certain areas or sometimes to persuade existing businesses to stay. Across the US, there are over 80 Hub zones, Renewal Communities, and Empowerment Zones that offer incentives such as government contract quotas, tax credits, and deductions to a business that belong there.
Tough Competition
No matter how much you want to avoid tough competition sometimes it might work to your advantage. You will find in some areas there is a high demand for a particular product or service, therefore, creating an opportunity for other business developers to grow. This will be a good start-up point since your business is likely to pick in a very short period.
Take your time and think about the number of competitors who are around you and for how long they have been in that business. From the analysis, you find it easy to know whether taking part in that business is going to be beneficial and profitable to you. Working closely with competitors in a region with high demand usually comes with numerous benefits. This not only creates an industry that attracts customers to you but also to your competitors. However, this does not always work that way since excessive competition can interfere with brand cooperation as time goes by.
Avoiding Low Traffic locations
Avoiding low vehicle and pedestrian traffic can affect or destroy a business. Pay particular attention to the number of cars moving and pedestrians passing by this place. Shopping centres and mini centres are ideal for many retailers due to high pedestrian traffic. In the US, it is easy to find a company near your target market but not with direct competitors. A good example is the creation of a multi-storey vitamin store or a sports store near a gym. Moreover, consider having a car parking area in your business if you are on a busy highway. Customers will be impressed to be on a busy route where they can enjoy enough space for packing hence a bonus to your business.
Locate Places with High Visibility Locations
Most small start-up businesses aim at primary price when looking for their new business locations, but that is not appropriate for all types of businesses. It is important to ensure the building you choose offers great visibility for your target customers. There is no need to set up a shop if nobody knows you are there.
Branding
Essentially, it is imperative to note that the first impression is vital and there are no second chances for the first impression. Your physical presentation makes a huge contribution to your brand image. This will give your prospective customers an experience based on the impression they get from your signage, storefront, and neighbourhood.
Notably, your brand image can never form or grow without you. It is upon you to take the initiative as early as you start and brand yourself the way you actually want. This is easier than trying to change an established brand image down the road.
For any consultancy regarding getting a perfect location for your business, contact Mount Bowell Advisors. Here, you will meet our team of professionals who will help you solve all your business challenges.
