News From Terre Haute, Indiana

Jobs

July 24, 2011

Location, location, location: Choosing a spot for business critical

Do you need a life preserver? Poor business or decrease of revenue might just be due to your location or lack of proper location. In virtually every marketing class, the 4 P’s are taught: Price, Product, Placement and Promotion. Place typically refers to where the business or company is located. The location is critical to service and retail based companies who require a store front. But keep in mind, location is more than merely selecting a building. Listed below are a few things to consider:

• State — Income taxes, sales taxes, and regulatory issues. Each of these can vary from state to state.

• City — Rent, availability of labor, taxes, regulations and local government economic incentives.

• Part of town — Commute required? Image of that part of town consistent with the vision of the business? Rent can vary greatly depending on location within city limits.

• Location relative to parking, streets and other businesses — Does your business need to be visible? Easily accessible to pedestrians? Automobile traffic?  Or do you need to be located next to a strategic partner business so you can draw off their clients?

• Type of location — Office space? Retail? Warehouse?

In addition, when you consider location you must also strongly contemplate how important it is to you because you are the one who has to work there daily. In regard to your customers, remember that with no customers you have no business, and with employees you must be able to attract and retain valuable employees. Some other items to consider are strategic partners and potential investors/buyers.

As you narrow down your options here is a final list of things you must answer for your location:

• Cost — Can you afford it? Can your customers afford it? For example, is there free parking or do they have pay?

• Convenience — Is it easy to find? If you are dependent on traffic, then you will need an easy to find location.

• Safety — Is parking nearby? Is it well lit? Security?

• Prestige — Will the location add credibility to the business? For example, locating a company downtown?

• Traffic — Retail and restaurants love it, offices do not.

• Facility requirements — Do you have special needs? Are you ADHA compliant? Meeting space?

• Zoning — Most cities have strict zoning requirements. Be sure to have your space inspecting by the Zoning Department as well as local fire code officers.

Remember the importance of keeping all the above in mind for your location. As you can tell, it is very important to identify what you need, what your customers need, and how to not only meet your needs but also those necessary for the success of your business. Before selecting a location, you must answer a complicated web of questions. Researching your industry, the community and the business itself will make this a bit easier as you identify potential areas or spots of interest. It will be one the most important decisions you make for your company.

Heather Penney is the regional director for Indiana State University’s Indiana Small Business Development Center.

1
Text Only | Photo Reprints
Jobs
Latest News
TribStar.com Poll
AP Video
Ukraine: Military Recaptures Eastern Airport NASA Showcases Lunar Eclipse Pistorius Cries During Final Cross-Examination Raw: Storm Topples RVs Near Miss. Gulf Coast Police: Woman Stored Dead Babies in Garage Raw: Horse Jumping Inspires 'Bunny Hop' Raw: Kan. Shooting Suspect Faces Judge First Women Move to Army Platoon Artillery Jobs Sex Offenders Charged in Serial Killings Tributes Mark Boston Bombing Anniversary The Boston Marathon Bombing: One Year Later Michael Phelps Set to Come Out of Retirement Suspect in Kansas Shootings Faces Murder Charges OC Serial Murder Suspects May Have More Victims US Supports Ukraine's Efforts to Calm Tensions Scott Brown Announces Run for U.S. Senate in N.H New Tactic Deployed in Search for Plane Prosecutor Presses Pistorius at Murder Trial Police: Blast in Nigerian Capital Kills 71 India's Transgenders Celebrate Historic Ruling
NDN Video
8-year-old Boy Gets His Wish: Fly Like Iron Man Toddler climbs into vending machine Much-Anticipated 'Gone Girl' Trailer Finally Debuts! (VIDEO) Dog and Toddler Wear Matching Outfits in Adorable Photo Series VP Biden: "World witnesses ordinary citizens doing extraordinary things" It's Official! Michael Strahan Joins "GMA" Blood Moon Time-lapse Actress Lake Bell Goes Topless The Five Weirdest Local Taxes in America Applicants Vying for 'World's Toughest Job' Get Heartwarming Surprise Awkward: Crist catches Lt. Gov. insulting him on camera NASA Showcases Lunar Eclipse US Airways Tweets Graphic Photo of Nude Woman Behind the scenes of the Marathon anniversary photo shoot American Airlines Responds After Girl Tweets Alleged Terror Threat 'Joke' Charlie White's "Dancing" Mistake Olympic Great & Baltimore Native Michael Phelps Ends Retirement; Eyes Rio 2014 NFL Draft: Potential Booms And Busts William and Kate Squash Baby No. 2 Rumors With a Wine-Tasting Trip Who Showed Up at Coachella?
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity