How to Choose the Best Location for Your Business

Selecting an ideal location is one of the most critical decisions when starting a business. The right location can help attract customers and talent while the wrong spot can deter sales. Use this guide to pick the perfect place to set up or expand your business.

# Assess Your Customer Base

Analyze who your target customers are and where they live, work, and spend time. Locate your business centrally within your core customer geography to make it convenient. Being visible and easily accessible is key.

# Consider Accessibility

Pick a spot with great visibility and access from main roads with sufficient parking. If relying on foot traffic, choose a high-volume pedestrian area. Ensure the space complies with ADA accessibility guidelines as well.

# Research Local Zoning Laws and Regulations

Confirm zoning fits your type of business. Factor in any state, city or county regulations, permits, and business license requirements for the area. Some locations limit hours or have strict operational rules.

# Evaluate the Competition

Scope out nearby competitors and do a gap analysis of what’s oversaturated versus underserved in the region. A crowded market signals opportunity but also higher risk.

# Assess Costs and Incentives

Compare rental rates, taxes, renovation expenses and other costs across locations. Look for areas offering tax breaks, grants or other incentives for new businesses to save substantially on operating costs.

# Examine Workforce Availability

Consider proximity to skilled talent, particularly if you need specialized workers. Easy access to public transportation or major commuting routes also expands your hiring pool.

# Account for Other Logistics

Determine essential utilities, parking, shipping access, storage, natural light, foot traffic, visibility and safety needs for your model. Is the space adaptable as you grow?

Selecting the optimal locale aligns with your customer base, brand, budget and offerings. It should enable, not hinder, your ability to operate and succeed.