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Choosing a business location

Posted on May 12, 2016 by admin

One of the top considerations new business owners face when preparing where to operate is location. Location is one of the most critical decisions as it can determine whether customers will enter your store or shop with your competitors.

There are many factors to consider when determining location such as demographics, visibility, supply chain, competition, budget and legal and environmental obligations. Here are some tips to help you decide on the right business location:

Determine what your business requires
Understanding the key demographics of your target market can provide insight into where your customers live and prefer to shop. As most businesses will choose a location that provides exposure to customers, it is worth considering visibility and accessibility when deciding on a location. Other considerations include:

Forecast your finances
When determining how much you can afford, it is a good idea to forecast any additional financial costs you may incur such as:

Research the area
The business premises and its surroundings will have a large impact on whether your customers will travel to your location. Study the foot and vehicle traffic for the area to ensure the location is practical for your customers. Some questions to consider include:

maximise your business's value

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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