The difference between a thriving business and a failed business is location, location, location.

We know you’ve heard these three little words strung together before, and that’s because location is crucial for the success of your brand new business! Choosing the perfect location for your startup requires research, patience, and tactful planning.  

From mall kiosks to mobile retail there are many types of businesses. The first step to choosing the your location is to determine if it will be a brick and mortar or an online storefront.

Brick and Mortar

Perhaps you’ve come to the conclusion that a brick and mortar is the best decision for your budding business. Below are some things to consider when choosing the perfect location for your startup.

Questions to Consider:

1. Is the facility large enough for all your business’s needs?
2. Is the facility located in an area zoned correctly for your type of business?
3. Will the building require any repairs before it’s usable?
4. Are the terms of the lease terms and rent agreeable?
5. Is your target market located nearby? (If you need help with this, let LegalZing you with a quality business plan.)
6. Is the facility in line with branding?
7. Are neighboring businesses likely to attract customers who will also frequent your business?
8. Does the space allow for future business growth?

Once you answer these questions, you will have a better idea of which brick and mortar will function as the space when choosing the perfect location for your startup. 

Read the Fine Print

One of the main concerns of having a brick and mortar is your budget. More than only examining monthly rent and purchase price, you need to look at what you’re spending a little more closely. Hidden costs like taxes, building maintenance, and renovations should also be included in the budget conversations to make sure you’re covering all your bases. LegalZing includes document and contract review as part of our membership packages. Our team can help you review these fine print details and answer any of your questions. 

Healthy Competition

Before committing to a location, be sure to chat with other businesses around that particular location. Consider asking if they like the location, what audience the location attracts, and confirm if the area is the best fit for your customers and employees.

Find a business location that’s not overly saturated by the competition but also has businesses that appeal to your same target market. Be on the lookout for areas where your product or service is in high demand. Some experts say that the best place to have your business is located close to the competition. By being close in proximity to your competition, you can likely benefit from their advertising and marketing efforts. Competition produces more foot traffic, which leads to more business, which leads to increased sales and those are all positives!

Online Businesses

For most, the phrase “business location” means having a physical storefront.  With evolving technology and the recent growth of e-commerce, location won’t always mean your business resides in a physical location. 

As far as a “location” for your online business, it comes down to how you’re using your website: products or services. The difference between a services website and a products website is the level of complexity.  A services site is a presentation of what you have to offer. A products website is a site that collects payments and is integrated with e-commerce. Therefore, it is much more complex than services sites. Since both sites should be well maintained, let’s go ahead and cover a few general pointers that you should consider prior to housing your website online.

• Internet Speed – As you can imagine, when housing your business solely online, investing in a good internet service is key. Missing out on orders or customer communication because of poor internet could be detrimental to your online business. Bite the bullet and pay the extra amount for the faster speed internet.
• Domain Name – Selecting the perfect domain name for your website is very important. Consider domain length, keyword use, and staying on brand. Do your research, this is an important step that’s difficult to change later.
• Customer and Business Security – The security of your businesses and customers’ private information is of utmost importance. Finding a program or internal system that keeps passwords, credit card information and addresses safe will be essential. You should consider having a system in place to destroy unneeded credit card information and history.
• Hosting Location – Where you host your website matters! It can impact SEO and other key aspects of your startup online presence. Did you know that LegalZing can host websites for you? Let us know if you need help with this and we’d be happy to assist you.

Pro Tip: Be flexible when determining your business location and plan for growth. Your location can grow from an online retailer to a mall kiosk to a stand alone building. Just because you start with one type of location, doesn’t mean you have to stick with it forever.

Deciding on location is a big deal, but luckily you aren’t in this alone. LegalZing is here to help every step of the way and would love to help guide you through this big decision. We have a team of trained professionals ready and excited to work with you.