Location. Location. Location. As a small business owner, this isn’t the first time you’ve heard these words – and it won’t be the last.
Where you, as a blossoming entrepreneur, set up shop can determine the success of your business. Do you choose a well-traveled town or community where rents are high and foot traffic is almost guaranteed, or do you consider neighborhoods that are challenging in terms of locality yet offer a fresh opportunity?
This idea came to mind when I recently read an article in a major business publication about small business owners who opted to expand into neighborhoods either forgotten or just on the cusp of returning to their former glory. The result? Expanded business, new marketing opportunities and yes, lower rent because the “it” factor had yet to sink in.
How can you determine if an up-and-coming neighborhood is right for your small business?
Check out surrounding neighborhoods. Look around your area for locations that while not completely off the beaten path, aren’t exactly on Main Street or the local thoroughfare.
Plan ahead. With a detailed review of the available space in your nearby communities, there could be opportunities. Whether you are looking to add a second, or third location or just going into business for the first time, take a good look at where you want to hang your shingle.
Ask around. Talk to your local realtor about how businesses are doing in your prospective neighborhood and what’s the going rental rate. They will be more than happy to point you in the right direction.
Locating your small business financing is easy, too. Just turn to Biz2Credit at (800) 200-5678, or visit us online at www.biz2credit.com.