3) Choosing the Wrong Location
Location, location, location—it’s so important that it has be repeated twice. While most people realize the importance of positioning themselves in areas of higher traffic, (if your business is the kind that depends on that) many people don’t foresee the numerous other advantages and pitfalls that the wrong location can bring. If your situation allows it, one of the smartest decisions you can make is to not have a separate location for your business at all. Working from your home is a great way to cut a tremendous amount of otherwise crippling overhead, especially if you’re just getting started. If working out of your home isn’t a feasible option, you’ll want to consider very carefully every detail of the spot you plan to buy or rent. How much will it cost to get the place into the shape you need it to be? Is it large enough, or will you be having to expand in the near future? What are the zoning requirements? Is it easy enough to access that potential customers won’t have any problem noticing it and stopping by? Considering all of these things before you plant roots is critical if you want to avoid being bankrupted by a poor location.
Click below to share this article.