Finding a location for any business, whether a new one or an existing one, can be overwhelming. Location, commercial real estate loans, and competition are just a few examples. There are so many things to think about that it can be easy to just throw in the towel. The key is to take the important considerations in bite size chunks to make them easier to handle one step at a time.
Proximity to Target Market
Is your target market working parents? Maybe you cater to the senior crowd, or those stay-at-home moms that need something to do with the kids during the day. Whatever it is, your location should be in an area that is convenient to that market. If there is a senior community nearby your business that sells products used by the older generation, then you have succeeded. If you are looking to provide childcare for working parents that commute on the interstate each day and you are located several miles off of the interstate, you may need to go back to the drawing board.
Proximity to Competition
If your business will be going head to head with direct competition, the first thing you need to do is make certain your product is up to par. Beating a competitor on quality is always the goal. However, location can make a big difference as well. The most convenient location is often the most successful, especially if there is little difference in quality and price. Take this into consideration. Can the area support you both? Is there a market in another location that would enjoy having your type of business closer?
The perfect location you cannot afford is not going to happen. Set a budget, consider the commercial real estate loan amount you may be able to get, and then look for a location within those parameters. Would you be better off to buy an existing building and go from there, or do you need to start from scratch? Are you eligible for a loan to buy land on which to put new building?
Once you find your perfect location, Biz2Credit can help you finance it. Our lending network offers small business financing of all types, from lines of credit to commercial real estate loans, and more. Visit Biz2Credit today to get started.