Chapter 7: Business Location
Every business requires an address, and as a business operator you will need a suitable premises to run your business from. Maybe you need a store, a warehouse or an office you can even work from home; you will know what is best for your business type.
Where to Locate
Choosing the right location is very important, especially if you require store frontage. Spend time and research your market, you will likely find that different store types generally are grouped in close proximity.
Great for competition but most importantly, customers know where to go for a product they need or desire.
"Because you didn't research and the property was so cheap! You will be doomed for failure"
You don't want to end up in a back ally where people never go, just because you didn't research, and the property was so cheap! You will be doomed for failure.
Buy Rent Lease
How you secure your premises is something you will need to review and account for in your business plan. The type and location will often be driven by the amount of finances you have available.
Always investigate any property carefully, can you operate a business from there and importantly can your business industry type.
Often local governments have bylaws affecting the types of businesses that can operate in a certain area.
As an example you may want to open an auto repair garage and the letting agent tells you; "No Problem" look around see there are established garages in the vicinity. You sign up, open your doors and three weeks later the local inspector shuts you down, you find out the existing garages have an exemption with some a grace period of two years to relocate. You, however, are new and no exemptions apply.
Failing to investigate can cause quick failure and put you on the fast road to bankruptcy.
Signing Contracts
With any property contracts will be required, once you have a property decided upon you will be given a contract "Never accept Verbal Contracts",
Always take the time to review the contract carefully, take it away and think on it for a day or two, never be talked into signing immediately, take that as a sign something is wrong.
Get legal advice contracts have many hidden clauses and some are a trap, Lawyers fees now can save thousands later.
Work from Home
Working from home is a great option. However there are a few things you need to consider.
Distractions, working form home means you are always available. Your family wants you, kids need help with homework, want to play ball, the kitchen sink is blocked, your out of sugar, the drapes are torn, the distractions go on and on.
Are you prepared for that and how will you deal with it. Set rules lay out a plan and discuss it with you wife/husband and children, so they know and accept that you are working between hours… to hours… o'clock,
"Time spent investigating now can save lots of time, money and stress later"
Importantly you will need to check the local laws, often there are laws in place covering home businesses, certain businesses cannot be run from home or at least some districts.
Time spent investigating now can save lots of time, money and stress later.