Location, location, location. It is not only the mantra for
the real estate industry but also for people wanting to open their own business.
US Media Studios offers location tips for small business owners.
The main rule of thumb for opening a small business is to
know the customer. Know where they live, work, play and like to relax. Know where
they shop for food, clothes, gas and home supplies. Once these establishments
are known, a small business owner can start looking for a good space to rent or
buy.
The U.S. Small Business Administration advises small
business owners also look at if the location is right with the image the
business wants to maintain. Also get a good look at the other shops or stores
in the area to see if there is stiff competition.
Other location factors to consider: traffic patterns,
parking, signage, pedestrian and vehicle congestion, public transportation stops
in the nearby area, and residential demographics.
USMedia Studios suggests talking to other business owners in the area to determine
if there are unknown expenses to opening a business there. Be armed with as
much information as possible before deciding on a location for the new small
business.
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