Location, Location, Location

This is a guest post from a StateFarm agent, Steve Basler.  He has plenty of experience running his own business, especially when it comes to finding the best place to attract clients and customers.

Location matters!

Location matters!

You might have heard the term before; location, location, location. When it comes to your budding entrepreneurial plan there are several things to consider when finding the right one location or mix of locations to promote and distribute your product. As an example, I opened my State Farm agency 5 years ago and recently moved from one location and to a new location. The location I chose is easily accessible, somewhat central to my customers and of course a comfortable, yet professional place to meet with them. Now, because of the products I sell, insurance and financial services, my location in terms of finding me easily online, may be even more important than my physical location. Here are a few tips to keep in mind while finding which “location” works best for you.

Tip #1 – Identify your Target market. You have a great product, right? By knowing who you want to sell to helps you decide where the best location may be. Where are your customers hanging out?

Tip #2 – Be safe and accessible. Different types of businesses require different types of necessities in order to run safely and be easily accessible. If you’re running a food stand for example, having running water nearby may be important. Or, if your business is online and you’re shipping customers your product, you’ll want enough room to warehouse, store and ship.

Be sure to choose the right spot.

Be sure to choose the right spot.

Tip #3 – Know your local, state and federal laws. This one is important. I have a friend who wrote out a solid business plan, secured a location only to find out the city ordinance didn’t allow the type of business he was starting, a car-wash, within the city limits.

Tip #4 – Don’t shy away from the competition. Have you ever noticed how one frozen yogurt shop will open within months of another shop opening up nearby? Not a bad approach since the other business has already gone through the trouble of attracting customers, you can capitalize on this by offering a competitive product.

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