1. What kind of business are you, and what location would work best for your needs? The type of industry you are in can have a profound impact on choosing the right location for your business. Some ventures rely heavily on traveling to their clients. In these instances, the location of your business is not as important, because clients are not actively visiting your store. However, if the location of your business will be the forefront for selling your product or service, you have to make careful considerations as to what type of facility to select. Below is a brief description of the five types of business locations. Selecting the right one for your business is crucial to success.
- Home-based – Working from home is in vogue, and for obvious reasons. In addition to not having to leave the house, you don’t have to worry about paying rent or commuting. On the downside, room for physical growth is limited and accommodating employees or meeting with clients can be challenging.
- Retail – Retail space comes in a variety of shapes and sizes and can be located in enclosed malls, shopping centers, free-standing buildings, or mixed-use facilities. This type of location is most practical if you have a tangible product to sell such as clothing, toys, or gifts.
- Mobile – If you are selling a product or service to the general public or other businesses that you take to your customers, your ideal location may be mobile – a car, truck, or van.
- Commercial – Commercial spaces have even more options than retail. Commercial office buildings offer conventional office space tailored to businesses that do not require a significant amount of customer traffic for sales.
- Industrial – If your business involves manufacturing or heavy distribution, you’ll need a plant or warehouse facility. Light industrial parks typically attract smaller manufactures in non-polluting industries, while heavy industrial areas tend to be older and poorly planned but offer rail and/or water port access.