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Best Place to Start your Small Business

So you’ve been stung by the entrepreneurial bug and you’ve decided that no matter what, within the next six months you will have your own business and will have a location selected and rented. More and more we are seeing businesses starting on the internet simply because it is too expensive for most people to select a place of business in a store-front or by renting office space. The other important factor that stops entrepreneurs is that they choose the wrong place and end up losing their previous customers and not having new ones to substitute with. For that reason, in this article, we will be discussing how to seek out the best place to start your own small business, maybe even in some New York conference rooms.

Best Place to Start your Small Business

What type of business you start is almost as important as where you choose to start it. You’ve heard the term “selling ice to Eskimos”, and the reason it works is that they don’t need it but it takes them time to get their ice, so maybe the salesman is so good that they indeed CAN convince an Eskimo to buy his ice. Because you are just starting in business, you’re testing everything and your choice of location will determine how successful you are. Now, we can say that as soon as you launch your website your business becomes available worldwide, but think about how many people would drive even an hour to go to your place of business.

Before you open the doors of your new business you need to know who your target customer is and what he or she needs. Once you understand that then you can begin to do demographic reports on the people in different areas. Let’s say you’re opening up a business tax business, would you open your office in a school district? Of course not, you’d want your location to be in an area central to many different businesses because they’re who you want coming into your door and you don’t want to spend that much money on advertising in the beginning. In real estate, people use the saying “location, location, location” because it is true of almost anything. The reason we travel to beautiful places in the world is that the location we go to is only available there, and we go there because we know we will have a great time and find some value in it.

If you decide that starting your own business is something you want to do but you don’t want to have a physical location, we understand you. The way our world is changing, sooner or later everything will be done on the internet and physical locations will be a thing of the past. It is a good idea to start an online business first, if you’re very low on cash and will have to bootstrap the beginning. The trend is going online, so if you decide this is the best thing for you to do, then we agree.

Conclusion

In conclusion in this article, we discussed the topic of starting a small business and what you need to do to choose the right location. The location of your business will determine the quality and demographic range of people within a mile or two radius. To save money on marketing, in the beginning, it would be wise to do as much research as possible into locations where your target market is to have a better chance of converting people who walk or drive by. There are other ways to get a business started and all you have to do is try and try again.

Written By

Kevin Faber has been in the commercial finance and banking industry for most of his professional life. He graduated at UC Davis with a B.A. in Business/Managerial Economics. His experience in credit analysis, finance, and management led him to be the founder of Silver Summit Capital. He enjoys working in the financing industry and building connections with industry leaders.

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