Determine a Location

Selecting the right business location is a vital decision that can influence every aspect of your success, from how easily customers can find and access you to the costs you incur for operations. The location you choose should align with your target market, support your day-to-day needs, and comply with all applicable zoning and regulatory requirements. By carefully evaluating factors such as visibility, accessibility, competition, and legal restrictions before committing, you set a strong foundation for sustainable growth and long-term stability. Some things to consider

• Proximity to target market - Choose an area accessible to your ideal customers, suppliers or partners. Search for growth potential areas that may accommodate future expansion.

• Some areas offer tax credits, low interest loans or grants for small businesses, especially underutilized or redevelopment zones. For example the federal government offers benefits to small businesses that contract with the government in underutilized areas called HubZone program (Historically Underutilized Business Zones)
• Cost factor – Should you rent, or should you purchase a building? Be sure to account for rental or purchase price, property taxes, utilities, insurance rates etc.
• Check if there are zoning requirements. Commercial versus residential zoning may limit what you can do. In addition, a home-based business may face less restrictions.

   Helpful hint: If you need a physical location for your business outside of your home, contact your local economic development department for assistance.