Selecting the right location for your business
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According from DIVERSE STRATEGIES, some of the most important factors when investing in real estate are location, location, and location

Although location is not the only factor to consider when investing in a business, it is certainly up near the top of the list. And if you are a retailer that depends on daily walkup or drive-up traffic, it can mean the difference between success and failure. Here are some of the factors you should consider when choosing a location for your business.

Who are your customers and where will they be coming from?

Is your business serving only the local community or can you draw customers from out of your immediate area? The wider the geographic area you need to draw from, the more it’s going to cost you to reach them with your advertising.

If most of your business is local, then visibility and convenience issues are going to be more important. You will want to choose a location with good signage and high exposure to walking and driving traffic. And you will want to ensure that you have adequate parking facilities.

Knowing your customers is a key factor in choosing the right location. If you are opening a business that can only draw its customers from the immediate area, and you are catering to an upscale market, you will not want to locate your business in a middle or low-income neighborhood.

It is important to research the demographics of your intended customers for characteristics such as age, income, educational attainment, number of children, etc. that should determine your choice of a location. Much of this information is available through the Census, which can be viewed at the main library in Pleasant Hill.

Another thing, selection of a business location requires time and careful consideration. It should not be done in haste just to coincide. If you haven’t found a suitable business location, don’t plan to locate and operate until you are sure you have what you want. Put your plans on hold and don’t just settle for a location you hope might work out. A few months delay is only a minor setback compared to the massive—often fatal—problems that occur from operating a business in a poor and wrong location.

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