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Investing in a new business location

Whether you're a home-based business ready to branch out or you simply want to open a new location in a geographic area where your business isn't represented, choosing the right location is essential to success. Working with professionals to make the right choice and ensure all the details are handled is a good way to reduce the stress of a business expansion, but you'll also have to do some of the research and decision-making yourself.

A first thing to consider when scouting for your next business location is demographics. No matter how pristine a location is or how great the deal might be, if your customers are no where to be found in this new place, then it's not the right setup for your business. Do some market research before you start looking so you don't even waste time considering real estate in neighborhoods that wouldn't be likely to support your business.

One thing many business owners do is try to avoid the competition, but that's not always necessary. While there are times when a small location can't support two or more of the same kind of business, there are other times when nearby competition is a boon to your business. Competitors can drive walk up business, for example, which is why so many retailers set up shop in malls right next door to their competition.

Finally, consider what type of professional assistance you might need as you engage in the real estate hunt. You might work with an agent who can show you the best properties in town, and if you are purchasing anything, it's a good idea to have a lawyer on your side to vet agreements and ensure the deal closes in a way that is advantageous to you.

Source: Entrepreneur, "How to Find the Best Location," Karen E. Spaeder, accessed Oct. 14, 2016

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