10 Steps to Starting a Business: Step 3

Location, Location, Location

Step 3 in the 10 Steps to Starting a Business is often, I think, step number 1 for some people… or at least its one of the first things that starts turning in their brain. Step 3 is to find a location for your business.  Is your business going to be home-based?  Are you just going to work out of your spare bedroom or basement?  Do you need a retail space or maybe a factory or a large office space? Now is the time to start thinking about a finding a good location for your business if you are not going to be working from your home. When you are doing this, you want to keep in mind your budget and what you can afford on an office or retail space. It is also important to consider the demographics; for example, you may want to look for an office or space in a neighborhood that is full of your target market.  If your product or service is going to be geared more towards higher income families, then it would probably be a good idea to have your office in or near a location where those higher income families live or go on a regular basis. That will help you to be more accessible and more visible to your target audience.

Maybe you want to find a place where you will have access to support or guidance. There’s a big trend right now in shared and collaborative workspaces. Collaborative work spaces are popping up all over the place and are a great option for people who may not be able to afford a traditional private office.  That’s a fantasic option for some peoplel, because then you are surrounded by other people who are doing exactly what you are doing. The support and energy of all these people all striving to succeed in their dream can really help to drive you to succeed in your dream.

You also want to consider how you yourself work in a certain environment.  If you are a person who thrives in energy and hustle and bustle, then maybe you are a perfect candidate for a shared workspace.  But if you are someone who needs quiet and solitude so you can think, and distractions just throw you off, then it might be better working out of your home (if your home is quiet) or getting a smaller, more private office space.

Bottom line: When considering a location for your business, be sure to take into account your budget (obviously), your business’s needs, and your own personal needs.

Did you miss a step?

Step 1: The Business Plan

Step 2: Find Your Team