Living Entrepreneurship Blog / Babson Entrepreneurs

You’ve got the idea…now where do you put your business?

Most people at one point or another want to start their own business. The idea of being self-employed or the ability to control one’s boss sounds appealing. However, once that great idea has been hatched for your business, you’ve got to begin to do some of the most important research you will ever do for this fledgling new business. Where are you going to locate? Why is that so important? If your business is about retail products or services, your business must be where people can find you. We’ve all heard the expression “What if you gave a party and nobody came?” It’s even worst when we are talking a small business. This location decision is definitely one of the top ten decisions you will ever make to help determine the success or failure of your business. When you are considering a location for your business begin with basic demographic research: who lives nearby? what other businesses are nearby? Do they compete with your business or do they compliment your business? Remember that there’s a reason why you typically see a McDonald’s on one corner, a Burger King across the street and a Taco Bell next door. Competitiors draw traffic and that’s what you’re looking for in a location. Once you think you’ve found a good location, make sure to check it at different times of the day and night; is it dead after 5:00p.m. and you thought your restaurant good make money with the dinner crowd? Recipe for failure is now hitting you in the face. Don’t hesitate to use professionals. At the very least you should have good relationships with a realtor and/or real estate attorney, a real estate appraiser, local law enforcement, building inspectors, and other merchants in the area you are contemplating. If your business is appropriate you might even arrange barter arrangements to help fund some of these start up expenses. So when you hear those 3 little words…”location,location,location”, remember the wise folks that told them to you and heed their advice.