Choosing the right location for my company

Choosing the right location for my company
Panagiotis Koutoudis
by Panagiotis Koutoudis

Choosing the right location for your company is all about identifying what's absolutely critical and what can be safely compromised. There is a lot of brainstorming on this important decision, since there are so many factors to consider and can be quite overwhelming.

A Business, No Matter How Good It Is, If Placed In The Wrong Location Can Literally Break Down!

You might think that a location near to your house with an affordable rent can be the best place to start your business. BIG MISTAKE! Choosing a location as easily as that, can put you in deep trouble because once you choose a location and set up your business, it's quite difficult to move immediately to another location if you think it's not working.

There are certain questions you need to answer yourself before choosing a location:

  • Will the location help me in making my business successful?
  • What type of location can best suit my business?
  • How much rent is affordable for me?
  • Is my proposed location appropriate for my business operations?
  • Would I be able to attract and retain quality employees at the proposed location?

For some businesses, location is everything. For other business enterprises, location can just be a storage area with an affordable rental space. For instance, if you are running an e-commerce store, all you need is a remote location with an affordable rent where you can set up your storage space. However, if your business is a retail store that sells products and services to customers on a daily basis, your location can literally boost your business.

“It's time to put business location at the top of your to-do list.”

The crucial factor in finding a profitable location is thinking what can increase customer wanting for your business. You need to spend enough time figuring out the habit of your target customers and how they would be choosing a location if they need a service or a product.

How Do I Get Professional Help?

While there may be several "professional" agencies that will steal your money on the pretext of giving you a good business location idea, yet this is something you cannot do yourself. iGoStartup provides a professional tool that helps entrepreneurs decide on the most profitable location based on the check-list provided by the tool.

The tool is capable of providing information based on:

  • Affordability
  • Parking space
  • Surrounding business
  • Repetition of the neighborhood
  • Lifestyle of target customers
  • Legal regulations
  • Financial projections
  • Current rents
  • Commercial space needed for the business

Spending a few minutes on the tool will help you to make the right decision on choosing the most profitable location that suits your business operations. Unfortunately, there is a lot of confusion regarding choosing a good location. People generally assume that choosing an expensive area can bring huge profit to their retail business. This is not true, because other factors like surrounding businesses, commercial space, lifestyle habits and legal regulations of the area play an important role in making a business successful.