For some businesses, location is everything. Choosing the right small business development community can spell the difference between success and failure. Here are a few signs that you’ve found the right one.
Excellent labor prospects
Make sure you pick a community that can supply you with the employees you need. If the talent pool is too small, you may need to reconsider your location. Poor labor prospects can kill the growth and long-term ROI of your business.
Close to suppliers
If you work with suppliers, then find locations that provide you easy access to them, the U.S. Small Business Administration says. Being close to your suppliers can save you on costs. It can also be easier to communicate with them about order changes or process adjustments.
Safe
Determine the crime rate in the area before you pick a small business development community. Think about your future employees. Will they feel safe going home? Are they going to be safe when they walk to their cars at night? Factor that in when you pick a location.
On budget
Do the math. Will you need IT upgrades? What about the renovation and decorating costs? Make sure you have enough to cover all your expenses. Don’t forget to find out the income tax and sales tax for your state. That’s going to impact your bottom line and ROI.
Consistent with image
Does the location work for the image you want to maintain? Does your business blend in with the rest of the shops or stores in the area? If there’s a disconnect between the style of your business and the community, then it may be prudent to go elsewhere.
Make it easy to find a home for your shop or store. Look out for these signs when you pick a location for your business.
