How to Pick Your Business Location

As you might already know, Latorre Insurance is preparing to expand locations, making ourselves more available to our clients, so we know a thing or two about picking the perfect location for your business.

Picking a location for your business can either make it or break it. There is obviously an extended amount of research required in order to find the perfect place, which is why we have taken the time to compile a top three “keep in mind list” to help:

Finding a visible place is not hard, but what about…

Although there are many visible locations, one should remember to find one that is consistent to the image of their company. You do not necessarily want a fast food restaurant next to an organic grocery store, right?

Not only that, but you should always take into consideration whether or not the location has competing businesses around. You should always strive for complementary neighbors, keeping in mind that sometimes competition is beneficial. “Looking the competition in the eye,” as some would put it, can help if you have competing prices. You can benefit from the marketing efforts of the competition, potentially landing some of their customers. Note: This only works when you can actually compete with the competition.

Moreover, one should plan ahead. If you are expecting your business to grow, you should also expect your location to grow. Find a location that leaves room for this.

Finally, keep in mind whether or not the location has accessible parking and is close to public transportation.

You may be able to afford the location, but can you afford the rest?

There are many hidden costs to be considered when picking a location. If you are not building a place from scratch, the location will often need a few renovations before it’s “business ready.” Then, there’s the matter of decorations and system set-ups.

Also, always make sure that the terms of rent are favorable in the long run and likely to be renewable. You don’t want to have your business set up and get kicked out as soon as the year-lease ends.

The Big Picture

Property, income, and sales tax rates vary between states, and this should be something to take into consideration when choosing a location. Not only that, but each state has different financial incentives that may help you choose, such as small-business loans.

On top of that, you need to always keep in mind that a location is golden if the people close to it need your product, meaning you don’t want to sell hot cocoa in the middle of the Sahara.

When finding a location, you need to ultimately make sure that customers can locate you. Nobody likes intricate companies that require dusty maps and intricate directions.

Overall, research is a key factor when finding a location. Finding the perfect place can take some time, but it can ultimately lead to the perfect business.

And stay tuned for news about our new location!