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Tips for finding the right location for your business

There are many different things that you need to think about when you are trying to determine where you need to start your business. Finding the perfect spot, whether you are planning on leasing or purchasing, is a big step that you have to think about. There are several things to think about when you are making this decision. Consider these tips for getting started.

One of the most important things that you need to think about is the type of atmosphere you want. Determining if you need an elegant space or a more relaxed space is crucial. While you can alter the interior of almost any space to meet your needs, you need to think about the location as a whole. For example, you wouldn't want to start a black tie-only event location in a warehouse or a martial arts academy in a Victorian show home. This might seem like a no-brainer but it isn't always something that is obvious.

You must also look at the parking available to determine if it will meet your clients' needs. Off-street parking is necessary for many businesses, especially those that expect to have large crowds on a regular basis. If your business will deal with higher-end clients, you might need to have a space for valet parking. If the parking is shared with another business, you must consider if there is enough for all of the businesses when the busy season comes around.

You must also think about foot traffic and people who aren't going to drive. Look at the availability of sidewalks and the proximity to public transit options. This is especially important if you are dealing with demographics that might not have a vehicle and those that choose not to drive.

Finally, think about the location of your competitors. You don't want to be too close to the competition, so make sure that there is a decent distance between you and them.

Once you do find the perfect spot, review the contracts that you must sign and do your due diligence to determine whether everything is in order or not. This can save you from headaches in the future.

Source: Entrepreneur, "10 Things to Consider When Choosing a Location for Your Business," accessed Jan. 01, 2018

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