“Location, location, location,” is one of the most common phrases you hear in the world of real estate. Although this phrase is most often connected to residential properties, it is equally important for businesses and commercial locations – AND residential and commercial are so closely intertwined today that one must consider both when it comes to real estate!
When you’re opening up your first company, it is vital to take into consideration all the factors that contribute to success. That includes capital, product quality and location. Location can make or break your business, and so it is crucial to get it right. Keep reading to find out what you should keep in mind when you’re deciding on a location for your venture.
What People Want and Need
You might have a passion for skiing and other sports that are related to snow, but if you currently live in a sunny climate, such as Texas or Florida, you might not find enough clientele to sell to. Wealthworks points out that the product or service you are seeking to provide addresses the needs of the people around you. For instance, mountain biking is one of the most popular sports in the U.S., and many of the most successful cycling companies are located in or near mountainous states, such as California, Colorado, and New Mexico.
Seek Growth
Statistics from locations across the country can attract companies with the promise of low taxes and a strong economy. Some states balance a growing population with lower unemployment rates, which can indicate the health of the local economy. This is very similar to the situation in the Utah Valley. According to Utah Valley Chamber, this area of the country is growing quickly in large part due to economic advantages such as a 2.8% unemployment rate compared to the nation’s average of 3.9%.
No matter what, as a business owner, you should always conduct your own due diligence before settling on a certain location.
Tax Treatment
Each state – and country – treats corporate entities differently from a tax perspective. For example, some states such as Florida, Wyoming and Texas have minimal or no corporate income taxes, but other considerations may cloud that seemingly amazing benefit. The experts at ScaleUPCheckUP™, in association with our professional and corporate strategic partners throughout the country and the world, can help guide you to make the best decision from a tax perspective with due attention to other relevant considerations as well.
Competition
Although competition may be good for the consumer, it certainly isn’t for you. Before establishing your company, Repsly advises always taking an audit of the competition nearby. Ask yourself, can I compete with them? Do they hold a monopoly here? How far away are they from my area? Answering these questions will allow you to estimate how successful your company could be if you decide to settle your business at that location. Please remember that the ScaleUPCheckUP™ team can prepare a market analysis and/or feasibilty study at any point during your business’s development, which can be followed up by a comprehensive Business Plan and/or Strategic Plan.
Choosing the location of your business is one of the most common concerns for a business owner. After all, your chosen location will ultimately determine the level of success and growth your business can potentially achieve. Be sure to do your research and find the best location for not only your business but your goals.
And don’t forget that the team at ScaleUPCheckUP™ is here to help you with ALL of your location needs – from working with our expert team of professional licensed realtors to assist in choosing the right building in which to to set up your business to finding the perfect lease to choosing your home or place to live – including negotiating and drafting all of the necessary contracts and documents to ensure safe, secure location choices – every single time! Don’t underestimate the importance of full-service real estate and legal teams – that understand how each spoke of the wheel impacts the other spokes!
And, once we have worked with you to help you choose the perfect location(s), click here to read some key things to consider when expanding your business with the guidance of ScaleUPCheckUP™! And, don’t forget about the importance of a ScaleUPCheckUP™ Success Plan – a customized blueprint designed by our experts to serve as a roadmap for your business’s next steps into the future!
The key is DON’T DO IT ALONE – your success depends staying in your lane and doing what you do best – building your business! So, STAY IN YOUR LANE and let us help create a GPS for your business helping you navigate to your desired destination. All while helping you avoid being directionless and overwhelmed!
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