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location in business plan

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Making a Risk Management Plan for Your Business

It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.

Developing Your Executive Summary

When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.

Who Are the Stakeholders and What Potential Problems Need Identifying?

During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.

Evaluate the Potential Risks Identified

A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.

Assign Ownership and Create Responses

It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.

Have a System for Monitoring

Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.

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Business Location

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“In business, wrong location leads to suffocation.” - Mokokoma Mokhonoana

For businesses, whether big or small, location is crucially important. Business location not only affects a company's costs and revenue as well as its ability to serve the customer. Getting the wrong location can have serious consequences for the business. In this article, you will learn what makes a good business location and how to set up a location strategy to ensure success.

Definition of business location

First, let's find out what a business location is and why it is important for a business.

Business location is defined as a place or structure occupied by a firm to run its operations. This includes any structure or establishment used in conducting a business.

Starbucks places its coffee houses in high-street, high-visibility locations in various settings, including downtown and suburban areas. You can also find Starbucks in office buildings, university campuses, and off-street highway locations. 1

A good business location aims to provide an advantage to your business by creating a balance among:

Operational costs (the daily costs incurred to run your business),

Potential revenue

Target customers.

Some examples of good business locations include the M4 corridor for tech companies, tourist attractions for hotel businesses, and the city centre for coffee shops.

Business location factors

Factors influencing the choice of a business location can be split into:

Supply factors

Demand factors

Business location, Factors that influence business location choices, StudySmarter

1. Supply factors

Supply factors examine the cost of running your business operations in a location. Some of these supply factors include:

Labour - The cost of employing labour to carry out the same task differs according to location. An excessive presence of labour in a particular location can increase the cost of employment, as opposed to a location with little available labour.

Land c ost - Due to rentals or outright purchases, land cost varies among different locations. The facilities provided after rentals/purchase or development can also affect land costs.

Non-financial factors - Non-financial factors like political stability, language, social amenities, and governmental support can influence the choice and cost of hiring a business location.

Energy c ost - The cost of energy varies among countries, types of business production and the number of employees hired. For example, the energy costs in the UK are different from those in Germany.

Transportation c ost - This includes the cost of transporting raw materials, stocks, finished products, and other necessary business input from/to a business location. It is necessary that a business location be close to its raw materials or services supply to reduce transportation costs. An example of this is the food processing industry, where business locations are usually close to the farm.

2. Demand factors

Demand factors affect services provided to your customers and your business revenue . These include:

Skilled labour - Businesses prefer locations where the right expertise can be found. An example is an M4 corridor in the UK which houses the majority of the UK technology sector.

Location suitability - Some businesses perform better in a certain environment. For example, in the hospitality sector, hotels are usually found in popular tourist attractions.

Customer ease - A business has to be located where its customers will have ease of access to its products or services. For example, a coffee shop creates ease through its location in the city centre.

Future expansion - A location that doesn’t provide the flexibility for future expansion might not provide a good business location. An example is a manufacturing business that has a lot of potential for growth and expansion. Choosing a larger venue in the beginning will give the business more flexibility to expand its facility later.

Importance of business location

Choosing the right business location is vital to business operations and success. Here are some key benefits of a good business location:

Attract and retain workers with the required skills and talent.

Provide a balance between business costs and business revenues.

Offer the necessary infrastructure for your business growth . These infrastructures include a good transport system, gas pipes, and road networks.

Position your business to fully benefit from government policies, grants, or loans.

Ensure the smooth running of your business operations .

Provide an ideal location to get enough traffic for your business or to keep your business confidential.

Business location strategy

A business location strategy is a plan used to find the best location for your business to reach its goals and objectives. A good business location strategy usually involves location analysis.

Business location analysis is a process wherein a business compares different locations' characteristics in order to select the most suitable location. Here is what is included in such an analysis:

1. Demographic analysis

This considers the population of a location. It takes into account the population's average age, age composition, income, skill level, education level, and occupation, as well as regional governance.

2. Location area analysis

This type of analysis considers the potential areas that will provide the most customers to your business. It also analyses the ease with which these customers can reach your business location.

3. Competition analysis

This examines the presence of competitors in the chosen business locations, especially in terms of strengths and weaknesses.

4. Traffic analysis

This analysis compares the number of people passing your different business locations during working hours. These include both automobile and foot traffic. The goal is to find a location that will provide your business with the greatest exposure.

5. Economics of location analysis

The analysis aims to reduce the cost of operations and investment for your business. Operational costs are those involved in the daily running of your business.

In conclusion, a good location is essential for the growth and success of your business. The ideal business location should provide the least risk, low operational costs, a big market presence, and less competition. It should also provide your business with advantages to help achieve your business goals.

Business location - Key takeaways

Target customers

Business location factors that influence the choice of a business location can be broadly grouped into:

A business location strategy is a plan used to find the best location for your business to reach its goals and objectives.

Business location analysis is a process wherein businesses compare different location characteristics in order to select the location best suited to your business.

1. Nithin Geereddy, Strategic Analysis Of Starbucks Corporation, Scholar Harvard Education, 2013.

2. Staff, 10 Reasons Why Location is Important in Business, rovva.com , 2022.

3. Staff, Factors to Consider When Choosing a Business Location , businesstown.com , 2022.

4. Matt D'Angelo, Tips on Choosing The Right Location for Your Business, businessnewsdaily.com , 2021.

5. Alex Saez, The Key Features of an E-Business, smallbusiness.chron.com , 2022.

Frequently Asked Questions about Business Location

--> what is a business location.

A business location is defined as a place or structure occupied by a firm to run its operations. This includes any structure or establishment used in conducting a business.  

--> Why is location important for a business?

Choosing the right business location is vital to business operations and success.  A good location helps to :

Attract and retain workers with the required skills and talent. 

Provide a balance between business costs and business revenues. 

Offer the necessary infrastructure for your business growth. These infrastructures include a good transport system, gas pipes, and road networks.  

Position your business to fully benefit from government policies, grants, or loans. 

Ensure the smooth running of your business operations. 

Provide an ideal location to get enough traffic for your business or to keep your business confidential. 

--> What is a good location for a business? 

A good business location aims to provide an advantage to your business by creating a balance of the following: 

--> What are factors to consider when locating a business? 

Business location factors that influence the choice of a business location can be broadly grouped into: 

Supply factors 

Demand factors 

The supply factors include labour, land cost, non-financial factors, energy cost, and transportation cost.

The demand factors include skilled labour, location sustainability, customer ease, and future expansion.

--> What are examples of good business location?

Starbucks places its coffee houses in high-street, high-visibility locations in various settings, including downtown and suburban areas. You can also find Starbucks in office buildings, university campuses, and off-street highway locations. 

Final Business Location Quiz

Define business location

Show answer

Business location is defined as a place or structure occupied by a firm to run its operations. This includes any structure or establishment used in conducting a business. 

Show question

Market advantage provided by a good business location to businesses includes

Market advantages provided by good business location good business locations include - 

Reducing a business operational cost 

Boosting potential revenue that can be generated,

Bringing customers the business operations are targeting. 

Give three examples of good business locations 

Examples of good business locations include the M4 corridor for Technology business, a tourist attracting location for hospitality business, and a city centre for a coffee shop. 

What are the factors that influence choice of business location?

The factors include labour, future expansion, location sustainability, transportation cost, land cost, customer ease and energy cost. 

What do the demand factors examine?

Demand factors examine factors that affect services provided to your customers, and your business revenues.

Factors examined by the supply factor are?

Labour cost, energy cost, land cost, transportation cost, non-financial factors 

 Explain location suitability as a factor influencing business location decisions.

There are some businesses that perform better in an environment with some certain unique characteristics. Example of this is seen in the hospitality sector, hotels are usually located in areas where the guests will find attractive. 

Explain non-financial factors as a factor in choosing a business location 

Non financial factors such as political stability, language, presence of necessary social amenities, governmental support can also affect the cost of running business activities in a particular business location, thus influencing business owners choice in selecting a business location. 

Name three benefits of a good business location 

Attract and retain workers with required skills and talent. 

Provides a balance between business cost and business revenues. 

Offer necessary infrastructures needed for your business growth. These infrastructures include a good transport system, gas pipes, and road networks.  

What is a business location strategy?

What is a business location analysis?

Business location analysis is a process where a business compares different locations characteristics in order to select the location best suited for your business.

What is a business operational cost?

A business operational cost is the cost involved in the daily running of the business. 

Explain what you understand by traffic analysis 

Traffic analysis is used to compare the amount of traffic between different business locations during the business working time. This includes traffic from people walking and driving, and it is usually done to get a location which will provide the biggest exposure for your business. 

What does demographic analysis do?

This analyses a location population. It takes into account the population average age, age composition, income, skill level, education level, occupation and governance. 

Which of these is/are correct 

A good business location strategy involves a lot of business location analysis 

Skilled labour, _______, customer ease, and future expansion are examples of demand factors influencing business location choices. 

location suitability

In the hospitality sector, hotels are usually found in popular tourist attractions. This is an example of which factor influences business location choices?

Location Suitability

Choosing the right business location allows the business to _______ workers with the required skills and talent. 

attract and retain

What is not a benefit of choosing the right business location?

Balance business costs and business revenues

The cost of setting up and running your business in the different locations is analysed in the _______

economics of location analysis

_______  takes into account the population's average age, age composition, income, skill level, education level, occupation as well as regional governance. 

Demographic Analysis 

Your ideal business location should provide the least risk, low operational cost, big market presence and less competition. 

of the users don't pass the Business Location quiz! Will you pass the quiz?

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location in business plan

Business Location Analysis Example – Site Selection in Business Plan

business location analysis example - site selection in business plan

Proper site selection for your business influences whether you succeed or fail in making money. Your business location analysis should take into account demographics, psychographics, census and other data. Whether you’re trying to decide where to open a new store or where to locate a second office, follow this business plan location analysis example to maximize your chances of success in site selection.

Table of Contents

Location Analysis Definition

Location analysis definition : using data to figure out where to locate your business.

Determining where to put your store, office or even online presence requires careful thought. If you get this wrong, you could be trapped with a commercial lease that costs you a lot of money but doesn’t result in getting new customers.

Business Plan Location Analysis

There is a saying that the three most important considerations in business are location, location, location. If you’re starting a new business that operates primarily offline, location is critical. You want to be near your customers.

But is it critical for online businesses, too? Yes, in a different way. Online location is akin to having the right domain name, online advertising, and search engine optimization so that prospects can find your business.

In two slightly different ways, location is still an important part of doing business. A business plan has two purposes and will serve one or both: 1) raise additional capital and 2) outline in detail how you can succeed in your business (like a user’s manual).

Essentially, you want to answer two questions:

You will need to answer both of these questions for your site selection analysis.

Site Selection

Answering “why here,” for a brick and mortar location, will address the physical address (or addresses) where your business will take place.

For an online business, “why here” will address your website’s domain, web hosting service, and presence in search results.

Some of this material may overlap with your marketing plan (download a free sample marketing plan ).

Provide data for each of these elements in your business location analysis:

Location Analysis Example

Food chain Whole Foods , now owned by Amazon, picks their locations based on many factors, not just population density in a neighborhood. They found that one of the key drivers that determines whether patrons will shop at their grocery stores is their level of education. As a result, their site selection process looks at locations with a higher per capita level of college degrees.

Costco takes into account population trends to ensure that the neighborhoods in which they locate their stores can sustain sales of their bulk-packaged products.

Walmart uses advertisements to see how far people will go to buy products at their stores. They track usage of mobile advertisements and create a geofence boundary to identify who goes where to buy what. This analysis helps them with their site selection for new stores.

Business Location Analysis

Next, analyze the data you gathered above. This is an important step because it shows the considerations and thought process you put into your business location analysis. Many location analysis examples overlook this part.

Including only the data reduces your chances of success. Add these elements to put perspective on your reasoning:

Avoid picking a new location just because it has cheap rent. Signing such a business lease could spell disaster for your business because you may not have access to the clientele and workforce you need to succeed. Paying a little more for for the right address can boost your profits in a big way.

Do the research and think through the implications of your data to dramatically improve your chances of success at your new location.

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Tips on Choosing The Right Location for Your Business

Matt D'Angelo

It's one of the most important decisions you will make, which is why you must do your homework and answer all of the relevant questions.

Choosing a business location is one of the most important aspects of starting a small business . Especially if you’re running a small retail or restaurant operation , finding the right location means everything. It can dictate foot traffic, business atmosphere and long-term success for your small business.

Finding the right location means understanding the right qualities to look for in a potential space. Analyzing your area, reading about potential customer demographics, and considering where competitors are located are all important aspects to finding and choosing the right location.

It’s also important to consider your needs as a business owner before deciding on a location. If you’re not running a retail or restaurant-type business and therefore won’t need to rely on foot traffic, it’s important to consider access for other business needs. This can mean supply deliveries, client meetings, and warehouse or major storage space for your business. By analyzing your options and defining your needs, you’re well on your way to finding the right business space for you.

Why your business’s location is important

If you run a business that is outward-facing in any way, which means dealing with clients or customers, you need to thoroughly consider how your location will contribute to your business.

Your location should be inviting and refined, depending on the type of business you’re running. It should create a positive association for clients and customers so they think highly of your business.

There are some important steps to take when considering any new business location. There is more to identifying the right location than just finding an available structure for your business to occupy. How you go about choosing your business’s location will define your organization.

Consider these steps first before examining other factors:

Where your business is located plays a vital role in your success. It is the outward image of your company, and it sends a strong message to your customers about the type of business you are running.

Factors to consider as you look for a business location

By analyzing your business, what’s available to you in your general area, and what types of features you find important, you can find the right location for your business. Of course, oftentimes the most important factor is affordability. It’s critical to assess your options and work with a local bank while you’re trying to find the right location for your business.

Beyond affordability and lease terms , however, there are other factors and questions to assess in finding the right business location.

How important is the location to your business?

This may seem like an obvious question, but consider how location will impact your business. A retail store’s location varies widely compared to a central office’s headquarters. Consider your customers and clients, as well as your employees, when deciding the impact location can have on your business. You want to choose a location that makes the most sense for everyone.

Will your business receive ongoing shipments of goods?

If you’re working in the industrial sector, or you’re running a business that receives large supplies of goods, pick a location with warehouse storage space and easy delivery options for clients and customers. A business that specializes in shipping and holding goods needs certain structural amenities, like loading docks.

Will you conduct meetings at your business site?

Again, consider how your clients and customers will see your location. If you meet with customers and clients regularly, you need an accessible location. It also needs to have reception areas, waiting rooms and conference rooms so you can meet with multiple clients and customers throughout the day.

Will you, your customers or employees need dedicated parking?

Consider the size of your company when choosing a business location. Your employees will likely have to drive to your location. If that’s the case, is parking available? Similarly, if you’re meeting regularly with clients and customers, you need convenient parking options for them. Sometimes the most important aspect of a business location is the parking options that exist around it.

Who will see and interact with your location?

Consider who will come to your business on a regular basis. You need to tailor a location that meets both their needs and your needs as a business owner.

There are several questions you need to answer when choosing a location for your business, including whether there is sufficient parking for employees and customers, if it’s accessible for the easy delivery of shipments, and whether customers will visit your business regularly.

How to choose the right business location

Besides the factors listed above, when it comes time to choose where your business will be based, there are some important steps to take to make the right decision.

You want to analyze all of your options and consider the perspectives of as many people associated with your business as possible. Choosing the right business location means doing as much research as possible.

Consider these factors, too, as you hunt for the best location for your business:

Before choosing a location, consider the demographics, what competition and other businesses are nearby, any zoning issues that may be impactful, and how much foot traffic you can expect.

location in business plan

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4 Factors to Consider During Business Location Analysis

Site Selection

A business’ location can have a massive impact on its success. There are a number of different factors involved when determining the optimal placement of an organization, and it can be overwhelming for many entrepreneurs.

This is why proper business location analysis is so important. When done right, this process takes the guesswork out the equation and allows you to make an informed decision.

In this post, we’ll cover what exactly location analysis is and the four main factors you’ll need to consider when selecting a site for your business.

Map Location Data

What is Business Location Analysis?

Business location analysis is the process of gathering and analyzing data in order to assess the suitability of a site, or multiple sites, for a particular business. This is also known as site selection.

Every business is different. The formula will change depending on whether your business is a retail store or an office, operates in the private sector or public sector, etc.

You’ll need to assess your unique needs, as well as the needs of your customers, to find the most ideal location.

The 4 Most Important Factors During Business Location Analysis

While the needs of each business differ, there are several factors that every organization will need to consider when performing site selection analysis:

Demographic Boundary Map

Demographic Map using Geographic Boundaries

1. Demographic Analysis

Perhaps the most important part of analyzing a proposed site is establishing what type of population surrounds it. This is especially true for businesses that depend on foot traffic, as well as service-based businesses.

When assessing a location you’ll want to know the following demographic information:

Interactive mapping software, like Maptive, allows you to plot demographic data on a map, making it easy to analyze the demographics of an area. Decide what type of customers you’re looking to target and then find an area with a higher percentage of those types of people.

Excel Heat Maps

Heat Mapping of Customer or Competitor Data

2. Competitive Analysis

An area might feature the right kinds of demographics, but if it’s filled with competing businesses then it’s likely not the best choice. 

If you move to an area with too many competitors you’ll end up fighting over the same customers. Instead, you want to find underserved markets. That way there will be more demand for your products and services.

The easiest way to do this is to plot the locations of your competitors on a map and use radii to identify their service areas. Are there any locations not served by your competitors? Are there any sites that provide you with a competitive advantage? Take a closer look at those areas to see if any of them meet your other criteria.

3. Growth Analysis

Where do you see your organization in five years? Make sure to factor this in when analyzing a location. A site might seem great now, but will it still be suitable when your business expands?

Analyze your business data and come up with some predictions for your organization going forward. This includes things like staff, logistics, and resources. Based on this, decide what your needs are now as well as in the future.

You don’t want to be paying for space you don’t need, but you also don’t want to run out of room in a year and have to move again. Try to find a site that will be able to accommodate your growing needs for at least three to five years.

Mapping with Multiple Radii

Radius Maps for Logistical Planning

4. Site Economics & Logistics

When you’re looking for a potential location you need to have a budget in place. A site might seem perfect for your business, but if the economics don’t make sense you’ll never be profitable.

Here are some questions you need to ask yourself:

There are a number of costs and expenses that are easy to overlook, so make sure to do a full financial analysis on a site before making a decision. 

Business location analysis may seem complicated, but if you know what to look for the process becomes much easier.  And if you’re looking for an effective location analysis tool, Maptive’s interactive mapping software provides a wide range of features that will help you identify the best sites for your organization.

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How to Choose a Business Location: 8 Factors to Consider

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Choosing a business location is not something that can be done on a whim—it's a crucial step in starting a business. First things first, the business location you choose will depend on the type of business you operate. Business parks, shopping malls, strip malls, professional buildings, and others are all designed to meet the specific needs of various businesses. If you’re expanding from online-only to online and brick-and-mortar, for example, your needs will be much different than if you’re an accountant looking to grow your firm and bring in new clients.

A business location strategy takes planning and research and a willingness to thoroughly vet all of your options. With these helpful tips, you can identify the best place to locate your expanding business.

1. Decide on a business location type

Here are five common types of business locations, but more creative options, like co-working spaces, are popping up all the time. Be on alert for these and other location types that would meet your specific needs.

Home-based business - If you work from home but need more space, you might consider moving to a new home or adding on to your existing home to create the office space you need.

Retail business - Don’t limit yourself to downtown storefronts and strip malls. You can also find retail space in airports, free-standing buildings, and special event kiosks.

Mobile business - It used to be that the only businesses that moved around were circuses and festival vendors. But today with mobile card readers, your restaurant can add a roaming food truck location and your used book store can open a new pop-up shop near the beach.

Commercial business space - Commercial business spaces offer flexibility for even more growth down the road, but are typically best for businesses that don’t rely on heavy consumer traffic.

Industrial site - If you operate a manufacturing or distribution business, you’ll have special needs and will likely have limited choices when it comes to opening a new location. Industrial sites are needed for companies that require large amounts of warehousing space, for companies that need access to major transportation routes, or for companies that may produce pollutants as part of the manufacturing process.

In almost every case, where you can locate your business will be dictated by local zoning ordinances in your community. Don’t sign on the dotted line until you’re sure it’s legal for you to operate your business in your desired location.

2. Make sure the business location is within your budget

Of course, one of your major priorities will be finding a location that fits within your company’s budget. However, that’s not all you need to examine when it comes to money. There often other location-specific costs to consider beyond the purchase price or monthly rent. Almost every location has different hidden costs that you need to account for: taxes, renovations, utility upgrades, minimum wage requirements, and economic incentives. Even mobile businesses need to consider the cost of permits and vehicle licensing when choosing a new business location.

Considering all the above will help you make a well-educated choice for your next business location. Before committing to anything, be sure to speak with other business owners in the area to make sure they’re happy with the location. Although you can never predict if a new location will be successful, you can do as much research as possible beforehand to ensure it is the best available fit for your growing business.

3. Consider your brand

Keep your brand in mind when developing your business location strategy and looking at options. For instance, you probably wouldn’t want to plant your new office supply location right in the middle of a high-end, boutique shopping district. Likewise, an upscale restaurant might not fare so well in the middle of a college town or rural area, where customers are used to spending less money on cuisine.

4. Think about vendors and suppliers

You'll need to secure a location that makes it easy for you to connect with your vendors and suppliers; otherwise, you might experience significant delays or run into frequent issues with inventory levels. When considering your options, ask yourself which location site makes it easier and cheaper for you to get the raw goods you need to operate.

5. Find a safe location

Operating a business where you feel safe and protected should not be underestimated. And besides your own safety and the safety of your employees, also consider your business's safety as well. This is especially important for businesses with inventory that may be at a higher risk for burglary and theft or if you'll frequently be running your business alone at night.

6. Go where there is demand

Ideally, you want to secure a business location that’s not saturated by your competition. Look for areas where your product or service is in high demand or where your competition is fairly low. If at all possible, you’ll want to expand to a location where the other businesses on the block are complementary, to ensure your business fits into the local market.

7. Think about recruiting efforts

If you'll be hiring employees and managers for your business, you'll want to make sure you open in an area where there's good access to public transportation or where potential employees will be attracted. Finding high-quality employees is crucial to your business success, so plan your location around where employees want to work.

8. Look for sites with parking options

No matter how attractive your business is, sufficient parking should be a key consideration. Does your business location have a convenient parking lot, or will your customers need to pay for parking—and will they be willing to? If paid parking is your only option, you'll also want to consider if your business will offer validation. And don't forget about your employees here—they'll also need somewhere to park.

The bottom line

There are several business location factors to consider, from pricing and availability to parking and market appeal. Choosing the best location for your business is crucial to your overall success, so it's important to do the necessary research before committing to a location. Be sure to think about your location not only as a business owner, but also from the point of view of an employee and potential customer. A well-informed business location strategy will ensure you find the best place to set up shop and open your doors for business.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

Time to Expand? Tips for Opening Another Location

Max Freedman

There are a few things to consider before opening a new location.

There are few things as exciting as running a successful business. Often, finding success leads some to consider opening up a second location in a new market in an effort to increase profits. However, before you jump into starting a new location, be sure it’s the right next step for your business.

Even if an exciting opportunity comes your way, be sure you can handle it without sacrificing your primary business. You should be bringing in a steady profit , and your staff should be able to handle the business while you set up the second location. Next, be sure you can duplicate your business. Are you willing to share the family secret recipe? Is the key to your success clients who insist on working with you alone? If you’re satisfied that your business can thrive at a second branch, then start planning.

In many ways, a second location takes as much work and consideration as your initial one. Some business advisers suggest creating a business plan for the second location just as you did for the first. Before opening the new location for business, make sure you’ve done the following.

1. Create a business plan.

A business launch and expansion should always include a detailed plan. Business plans can be written in two different formats, according to the  Small Business Administration : a lean startup plan or a traditional plan. Both formats outline goals and objectives as a way to attract the attention of investors. [Need help writing your business plan? Check out our recommendations for the best business plan software .]

2. Consider the online alternative.

Expanding your business into cyberspace with an online store could give you the advantages of expanding your market but far more cheaply than creating a new brick and mortar store. That’s because opening a second location means additional expenses and tasks – rent, utilities, cleaning – that are never part of operating an online store. Plus, unlike a physical location, you can keep an e-commerce site open and accessible 24/7.

3. Evaluate the market.

Even if you have a gut feeling about a location, follow it up with research. Do you have competitors there? How are they faring? Is there room for your business, or should you choose a different area? Only open a second location in a market where you’re fully confident your business could thrive. Anything less could lead to more expenses than profits.

4. Estimate inventory needs.

Inventory needs change with expansion. That’s because every location will require its own stock – if a customer visits your new location and you’re out of the requested item, you usually can’t get it from another location quickly enough to serve that customer. Use current analytics to make projections about the inventory required at a new location. Along with inventory, review current and future supply chain and warehouse needs.

5. Secure your cash flow.

When opening a second business location, it’s best if you have the money on hand to expand. If you don’t have ample cash flow, you can look for angel investors, SBA loans or peer funding. Just be sure you can handle worst-case scenarios, like slow months while you get established.

6. Evaluate the competition.

As mentioned earlier, your competition matters – and opening a second location may introduce you to competitors you don’t have at your primary site. Look at what other competitors are currently operating in the new area, analyze their successes and setbacks and determine how your competitors present different challenges at your second location than at your primary one.

7. Record your processes.

When opening a second location, it should operate the same as your initial location does. To account for this, create training manuals for everything from how to use the POS system to how you follow up with customers. Have someone else go over them to be sure they are understandable even when you are not around to explain.

8. Find a good staff.

You’ll need to find not only reliable workers but a manager who is invested in your company’s mission and way of doing business. If you are opening in an unfamiliar area, finding a local who knows the people there can give you a leg up in connections and adapting to the local culture. Contact the area’s business association and attend some events.

9. Establish your training program.

Your new employees may need more training than those in your first location, if only because you won’t be on hand all the time to catch and correct issues. In addition to a good training program, have evaluation standards in place so you can catch issues before they become problems. Schedule regular check-ins with the location manager to assess how the employees there are performing.

10. Prepare your marketing campaigns.

Just like when you opened your first business, you’ll want some pre-opening promotion for your second location as well as a memorable grand opening kickoff. After that, you should plan on a year of consistent promotion to get your second location established.

One advantage unique to opening a second location is that you have customers at your first location who can help spread the word and may live closer to your new store. You may also be able to promote your company to other businesses, not just people, in your new market.

11. Open the right way.

While a grand opening is an important part of marketing your new location, you can also introduce your new spot with a soft opening. This smaller start is perfect for opening a second business location since it implies an incomplete opening, and gradually moving resources and employees from one location to another is one of a few good reasons for an incomplete start. Plus, a soft opening is a great trial run for full operation, so you might notice some gaps you need to fill.

12. Alert the local media.

Even if your company offers highly specific products or services, there’s no harm in reaching out to local journalists, broadcasters and other media personalities who can help spread the word about your company. Some local journalists may report on new businesses in their areas regardless of the products and services provided, with a focus on the company and founder’s story, so don’t be afraid to inject some personality and background into your pitches.

13. Find your new location.

Finding a perfect location within your target market is as important for your new location as it was for your original business. While rent or purchase price is important, also look at safety, local ordinances, average foot or drive-by traffic, ease of access, and demographics. Be sure you are in an area that has ample demand for your product or service with at most modest competition from similar businesses.

It’s not just what’s outside your second location that matters. The building itself is just as important. Can you reasonably fit your operation there? Can you modify it to resemble your first location and develop a unified brand? Does the landlord seem trustworthy and responsive? Make sure to answer these questions before committing to your second location.

14. Commit yourself.

You probably know from opening the first location that launching a company requires you to devote most of your time to the process. It’s no different with a second location. Keep your schedule free to tend to any needs for opening your second business location. A second launch can move fast, and you should be prepared.

Experts warn that the success of a first location does not guarantee the success of a second. The different demographics in each of your markets can make all the difference. However, with careful research to find the best place to expand and by making sure your business has the funding, procedures, and staff to carry on in your absence, you will increase your chance of success in your new locale and those that follow.

Our mission is to help you take your team, your business and your career to the next level. Whether you're here for product recommendations, research or career advice, we're happy you're here!

location in business plan

Business Location Example in a Business Plan

BizMove business management guides

Sample Business Plan Template; Business Plan Location Sample

by Meir Liraz

Here is an abbreviated example of a serious sample business plan examples templateproposal.

It is provided to give you a feeling for the style of writing that is used in a business plan, and is not intended to be a comprehensive guide of what should be covered in a good plan.

The humorous content of this business plan example is supplied only for the readers interest. For optimum effectiveness, care should be taken to minimize the humorous content in an actual proposal.

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Free Sample Business Plan Examples Table Of Contents

Marketing Strategy

Licenses/Permits/Registrations

Financial Data

Statement Of Funding Proceeds

Children's World has developed a line of toys that are superior to all other products that exist on the market today. In order to service our identified target markets with these superior toys, significant capital infusion is required.

Specifically, the required $15,000,000 will be allocated appropriately to:

Marketing and Advertising $ 1,500,000

Salaries -0-

Facilities 50,000

Capital Equipment 450,000

Research and Development 1,000,000

Operational Expenses 2,000,000

Inventory 10,000,000

Total $15,000,000

Children's World is the major player in the global gift giving industry. Originally founded as a sole proprietorship in 1930, the marketing tactics employed by Children's World had grown to the level of being a family legend by 1940. Annual toy production of Children's World exceeded 86,000,000 units at this time, and major expansion plans were developed. However, due to a slight downturn in the global economy, these plans have been shelved as projected profit levels have fallen to a near break even point in 1993.

To revitalize the company, a rigorous program of research and development was undertaken in the early 1950's. The first major breakthrough of which is ready for production. To be able to make maximum use of our proprietary breakthrough technology, Children's World needs to upgrade its existing facilities, as well as reevaluate the company's sleigh delivery system It is anticipated that a late model Cessna Citation could be modified to meet the operating requirements of Children's World. In addition, several used cargo planes will need to be acquired to facilitate the development of large stockpiles of toys at strategic global locations. A central hub system is being considered.

Additional manufacturing upgrades are planned to facilitate the projected increases in manufacturing output. Some of the upgrades include the replacement of manual lathes with automated CNC machines, the installation of spray booths using the latest in electrostatic technology, computerized conveyor and sorting systems, and an upgrade in the Statistical Process Control (SPC) area of the Quality Assurance Department.

As can be seen, Children's World is now at a point where they need to seek outside funding to refurbish/renovate their production facilities, upgrade their global navigational equipment, establish a more visible image, and to establish an extensive line of credit to cover seasonal inventory expenses.

This loan will be backed by the full assets and inventory of the Children's World company. As the attached Balance Sheet indicates, these assets have a current valuation of $5,000,000. In addition, of the $15,000,000 requested, $10,450,000 will be spent on inventory and capital equipment which will also be used as collateral for the note. As the attached cash flows indicate, Children's World should be able to service the debt incurred by this loan application. It is anticipated that the Return On Investment (ROI) thrown off from this loan will be 200% adjusted on a yearly basis. Timing of the loan and the market entry of the product will be critical, however, with the maximum value occurring from a November entry. Business location example in a business plan

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Description Of The business

Our Mission at Children's World is: "To provide toys and games of exceptional quality, in a timely manner, priced at or below our competition, to enhance the profits of our company."

Children's World is a sole proprietorship that was founded in 1930. It is wholly owned by Mr. and Mrs. Sanford Theodore Clause. For the past 50 years, Children's World has experienced an increase in the public awareness of our year end close-out (where we give away surplus inventory). Because of this practice, the public has begun to think of us on a seasonal basis as a philanthropic organization.

To alleviate this problem, we have just completed the development phase of a novel and proprietary product line that will once again place Children's World in the minds of the public on a daily basis. By 1940, our operation had produced 86,000,000 toys, and has operated profitably ever since. However, revenue projections for fiscal year xxxx, without external funding for the introduction of this new product line, is expected to be down to a break even level ($1,100). With the funding for the renovations, advertising, and new product line our profits are expected to reach $30,000,000. Annual growth is projected to be 21% per year through the year 2100.

The "state of the art" of the industry today dictates that toys are produced without ever being touched by human hands. Our new revolutionary product line capitalizes on the fact that our toys have traditionally been hand built by our local elf community. Although our production methods are slow in comparison to other manufacturers, our quality levels are high while our costs are kept very modest.

This new product line incorporates a rare, refined essence (known only to our advanced Research And Development Dept.) that causes a strong attraction to be formed between the toy and the customer who first sees the toy. This essence is well known in the animal community. For instance, it is the reason why ducklings bond to the first animal they see after emerging from their shell (commonly called "imprinting"). These ducklings will not physically allow themselves to be separated, to any significant distance, from the "parent" animal for approximately six months.

After lengthy collaboration with the local duck community, and extensive field testing (test population will not be disclosed), our top notch R&D staff has been able to identify and synthesize the essence and increase its strength. When incorporated into our line of toys, this essence will create a bond between the recipient and the toy that will last for one full year! During this time, like the ducklings, the recipient who first sees the toy will not want to be separated from the toy to any significant distance (typically less than fifteen feet).

This instant "imprinting" at the time of viewing the toy had initially placed our R&D staff in a considerable quandary. To be effective and "imprint" on only the intended recipient, the entire channel of distribution must not be able to see the product. This enigma was eventually resolved by the decision to place the product in an opaque wrapper, bag, etc. that could be given to the intended recipient to be "opened". To prevent the early opening of the wrapper/bag, we have developed several colorful prints that can be placed on the opaque wrapper thereby lending it an attractive external appearance.

Compared to competitors products, the use of the "essence" will dramatically increase the recipients enjoyment of, and involvement with, our product line. Other significant refinements that our R&D staff has been able to develop are:

1. Gender Specific Essences. Using this innovation, a toy incorporating a female gender essence will bond most strongly with female recipients, and vice versa. This will help reduce the demand for pink and lavender trucks, baseball mitts, etc., and will dramatically reduce our internal manufacturing problems and inventory requirements.

2. Variable Time Factor Essences. This innovation will allow us to produce toys that have a "short" imprint time (30 - 90 days) for use when we need to spur sales, or a longer imprint time (up to 365 days) for a moderated sales level. We have found through extensive research that 330 days is optimal in that it allows for approximately one month of "de-imprinting" and subsequent anticipation build up among the recipients. Naturally, this will cause some friction among the family sub-units, but that can not be avoided if we are to develop a maximum market penetration.

Business plan example - The Market

The Children's World target market includes the pre-adolescent to young adult groups on a global scale. Using data supplied by the Bureau of the Census the total population of the world is estimated at 5,700,000,000. Of this basis group, we have conservatively placed our estimate of our total target market at slightly over 300 million customers. At the present time our sales are hovering at the 250,000,000 unit mark (up from 86,000,000 in 1940) giving us an 83.3% market share. We believe that the requested funding will allow us to increase this market share to roughly 95% over the next two years. This would increase our sales by an additional 35,000,000 units per year (see Appendix A for source information and calculations).

Our primary focus (and most of our extensive field testing) is on the 1-5 year old individual. Our products are gender specific, with male vs. female sales forecasts mirroring the population demographics. As our products gain acceptance within this market, we will move to expand into the teenage markets as this time frame is known for its friction between family sub-units. This will mask the effects of the "de-imprinting" irritations, and will aid us in minimizing any public disclosure (and competitor espionage) during the early phase of our market introduction.

All Children's World products are protected by the trademark and copyright laws, however we will not seek patent protection for the "essence" lines. Instead, we will keep these lines as a trade secret, thus preventing public disclosure and the subsequent possibility of legal entanglements from disgruntled parents, consumer activists, etc.

Initial responses from our market test customers indicate that our new lines are enjoying an excellent reaction. Inquiries from prospective customers suggest that there is considerable demand for these toys. Relationships with leading retailers, major accounts, and distributors substantiate the fitness of Children's World for considerable growth and accomplishment.

Competition

Although Children's World is a broad based manufacturing and transportation company, competitive threats today come primarily from other toy manufacturers. However, with 83.3% of the overall market, the competition does not play a significant role on company pricing/credit policies.

The major competitors that are facing Children's World are as follows:

Mattel, Inc. (Hawthorne, CA) Primarily a game manufacturer/marketer with sales of over $50,000,000/year.

Roadmaster Corp. (Olney, IL) Manufacturer of juvenile riding toys with sales of over $100,000,000/year.

Parker Brothers (Beverly, MA) Primarily a game manufacturer/marketer with sales of over $250,000,000/year.

Flexible Flyer Co. (West Point, MS) Manufacturer of juvenile riding toys with sales of over $50,000,000/year.

Tyco Toys, Inc. (Mount Laurel, NJ) Manufacturer of trucks/cars with sales of over $100,000,000/year.

Hasbro, Inc. (Pawtucket, RI) Primarily a game manufacturer/marketer with sales of over $50,000,000/year.

In spite of the competition in the toy industry, Children's World has continued to deliver a high quality, low cost product that is unique to this industry. In addition, our research indicates that our performance is superior to any other company on the market today.

The gift market is heavily seasonal, with the preponderance of sales coming late in the year. As stated in the "Background" section of the Business Description above, Children's World has experienced an increase in the public awareness of our year end close-out (where we give away surplus inventory). Because of this practice, the public has begun to think of us on a seasonal basis as a philanthropic organization.

It is our belief that we will be able to turn this mistaken perception around with the funds that we are seeking via this proposal. After all, in all comparisons Children's World's products provide more features and have superior performance than competitive products. In most cases, the difference in the number of features is substantial. A complete technical comparison is available upon request.

The "state of the art" of the industry today dictates that toys are produced without ever being touched by human hands. Our new revolutionary product line capitalizes on the fact that our toys have traditionally been hand built by our local elf community. Although our production methods are slow in comparison to other manufacturers, our quality levels are high while our costs are kept very modest. In addition, the exciting new breakthroughs that we have achieved in our R&D department (see the Description of the Business section above) will further increase the sales and usage of our products.

To get the most out of our marketing dollars, we have developed the following strategy for promoting our products:

Pricing and Profitability. Our pricing is tied to our philosophy of operating at a break even basis. However, because of both the past losses incurred in the toy giveaways, and to pay for the capital improvements outlined in this plan, we will increase our pricing in order to retire the newly incurred debt. We are projecting a first year net profit of $30,000,000 as the result of this project.

Selling Tactics. Consistent with previous years, preseason publicity outlining new merchandising concepts is utilized extensively to generate paid advertising participation from retailers and shopping centers world wide. This has worked well, and we have no plans to alter this strategy.

Distribution. Central pre-distribution hubs have now been established in each country. This concept permits faster delivery, without the need to return to the North Pole each time the sleigh needs restocking. This is the most cost effective procedure implemented by Children's World in the last 50 years.

Advertising and Promotion. Cooperative advertising funds are available to all participating retailers which leverages our national advertising exposure 400%. Proof of advertising activity from the participating merchant in the form of a paid invoice from the merchant and a tear sheet from the print media is required for final payment.

Public Relations . This activity has outgrown our in-house capabilities. Therefore, we have retained the services of an international public relations firm, Good, Better and Best, Inc., to coordinate those activities. The firm provides us their services at cost, as they benefit measurably through their visibility and association with Children's World .

Business Relationships. Children's World participates heavily in trade shows during the Summer months. This activity permits us to maximize our efforts and focus on the major retailers and buyers. Promotional activity by retailers may need to be reviewed in the near future, as seasonal promotion once targeted exclusively for December, has been pushed backward to Thanksgiving, and on occasion is now occurring as early as Halloween. This is a concern we are reviewing with our public relations firm.

Credit Terms. Standard credit terms will be offered to wholesalers/retailers (2% 10 net 30), while cash and checks will be accepted on the retail level.

Business Plan Examples - Business Location

The Children's World production facilities wholly owned and are located at 101 North Pole Lane, Arctic Circle, Earth. Due to the nature of the toy industry, and its propensity for industrial espionage, Children's World decided at an early stage that steps must be taken to isolate and camouflage their facilities. To date, their efforts have been largely successful, although a few close calls have been noted.

The facilities are debt free and are kept in good repair by the local elf community. To accommodate the planned product line expansion, only minor renovations (approximately $50,000) will be necessary as stated in the "Statement of Funding Proceeds" section above.

To safeguard both their new and existing product lines, Children's World respectfully declines to provide detailed information on this subject heading.

All licenses, and permits required for the continued operation of the company have been either secured, or renewed. Due to our location, our company is not affected by zoning regulations.

All Children's World products are already protected by the appropriate trademark and copyright filings. Children's World will not seek patent protection for the "essence" lines, however. Instead, we will keep these lines as a trade secret, thus preventing public disclosure and the subsequent possibility of legal entanglements from disgruntled parents, consumer activists, etc.

FAA certification and flight tests of all pilots and craft are both current and comprehensive, and are on file with the proper authorities.

Insurance/Employee Benefits

Due to the unique nature of their work force and the isolation of the environment, Children's World does not have to provide insurance for their employees. However, Children's World does have full property insurance as well as a general liability insurance policy for $1,000,000 per the requirements of most retailers.

Employee benefits include unlimited supplies of aspirin, nasal decongestants, as well as other cold related medicines. Regarding vacation leave, Children's World provides two weeks of paid vacation each year. The company also their employees with equipment, lift passes, etc. free of charge for skiing, snowmobiling, snowshoeing, etc. However, no vacations are permitted during the months of October through December due to production demands.

How we started

Children's World was founded in 1930 by Sanford Theodore Clause who recognized the entrepreneurial opportunities presented by the establishment of a charitable society. Through his efforts gift giving became more fashionable, particularly around the time of the Christian celebration of Christmas.

Management team

Our key management team consists of Mr. and Mrs. Clause whose backgrounds consist of almost 60 years of manufacturing and marketing experience. Our manufacturing team consists of over 300 well trained elf volunteers, each with at least 200 years of manufacturing, engineering and design experience.

A listing of our corporate organization is as follows:

Sanford T. Clause, President

Elizabeth M. Clause, Vice President, Henry J. Ticklebone, Director of Finance, Abagail B. Greenleaf, Director of Marketing Princely J. Rockafellow, Director of Sales, James A. Bronson, Director of Engineering, Jillaney P. Quackenmeyer, Director Research & Development' Jeremy C. McDougal, Director of Operations, Thistle P. Stickler, Corporate Attorney.

As stated above, the strength of Children's World management team stems from the combined expertise in both management and technical areas. This has produced outstanding results over the past 60 years.

The time honored leadership characteristics of Children's World's management team have resulted in broad and flexible goal setting -to meet the ever changing demands of the quickly moving marketplace requiring our products. This is evident when the team responds to situations requiring new and innovative capabilities.

The following are the summary job descriptions for the key officers of the Children's World organization:

Abagail B. Greenleaf, Director of Marketing ($100,000/year salary) Manage market planning, advertising, public relations, sales promotion, merchandising and facilitate staff services. Identifying new markets and corporate scope and market research. Identify foreign markets.

Princely J. Rockafellow, Director of Sales ($100,000/year salary) Manage field sales organization, territories and quotas. Manage sales office activities including customer/product support/service.

Henry J. Ticklebone, Director of Finance ($150,000/year salary) Management of working capital including receivables, inventory cash and marketable securities. Financial forecasting, including capital budget, cash budget, proforma financial statements, external financing requirements, financial condition requirements.

James A. Bronson, Director of Engineering ($85,000/year salary) Oversees product development including quality control, physical distribution, product and packaging design, new product development improvement, and improvements on existing products. Research and development.

Jeremy C. McDougal, Director of Operations ($175,000/year salary) Service, manufacturing, raw materials management and allocation.

Outside support

An outside Board of Advisors, including highly qualified business and industry professionals/experts from the elfin community, will assist our management team to make appropriate decisions and take the most effective action; however, they will not be responsible for management decisions.

At this time we do not forecast any need for extensive restructuring, and/or large scale hiring campaigns. Our expansion campaign will be able to be handled by our current staff of highly skilled employees.

Please see the attached financial projections including five years of historical financials, as well as a three year cash flow and income statement projection.

Other Topics in the 'Staring a Business' Section

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How to Choose a Business Location

Starting a business takes a ton of work. You will likely spend months on tasks like writing a business plan , securing financing, and getting your legal documents in order. However, if your business location isn't well-chosen, all of that work could be for nothing.

Where you start your business affects your earning potential, market impact, operating expenses , and much more. Similarly, your location can restrict how you trade and even jeopardize your business altogether if it prevents you from generating enough revenue. 

Let’s look at what to consider when choosing a business location and how to find the best place to set up shop.

What is a Business Location Strategy?

A business location strategy is a plan that takes into account the factors that will affect where you start and grow your business. This can be as simple as knowing which city or country you want to do business in, or it could be a detailed analysis of the specific street, neighborhood, or building that would be most advantageous for your company.

Let's say you're opening a boutique and you want to find the ideal business location. You might want to be in a high-traffic area with a lot of foot traffic and plenty of other retail businesses nearby. However, you also need to consider the cost of real estate, state and local taxes, local zoning ordinances, parking, and other operating expenses in that location.

Alternatively, if you're a small business owner who works remotely, your ideal business location might be a small town with a low cost of living so you can keep your overhead expenses down.

Benefits of Picking The Right Business Location

There are many advantages to choosing an advantageous business location. Here are some of the key benefits:

Increased Earning Potential

A well-chosen business location can directly impact your bottom line by increasing foot traffic, making it easier to attract customers, and improve your visibility.

Reduced Operating Expenses

A strategic business location can also help you reduce your operating expenses, such as by being in a cheaper rent district or having access to more affordable labor.

Improved Market Impact

The right business location can also help you make a bigger impact in your target market. For example, if you're trying to reach a local market, it's important to choose a location that's convenient for your target demographic.

Greater Efficiency

A strategic business location can also make your business operations more efficient. For example, if you're located near suppliers or customers, you'll be able to cut down on transportation costs and time.

Essentially, finding the right business location means being in the right place at the right time to maximize your chances for success.

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8 business location factors to consider

When trying to find the right business location, it's important to consider all the factors that will affect your company. These include:

1. Geographic location

Firstly, your business location needs to be in an area that positions you in close proximity to your target market. According to Access Development, 93% of consumers travel 20 minutes or less for everyday purchases [1] . This trend remains true for urban and rural consumers, although rural shoppers will travel longer distances for specific goods.

Suffice to say, the right location for your business will be inside this 20-minute commuter window for as much of your market as possible. But how do you calculate this? 

As you browse business locations, refer to your business plan and visit your market analysis section. Based on your findings, choose a part of town that holds your largest consumer base. Set this as your target hub, and use a tool like Google Maps to ensure all prospective commercial buildings are within 20 minutes of this market. 

Remember: urban shoppers will likely walk or take public transportation to reach your business. Make sure to measure by this standard when planning your 20-minute window.

2. Operational needs

Next, you will want to look for an office or building that matches your business model. While you can still run a convenience store in an old restaurant, it’s best to find a space with a design based on a retailer's needs. Alternatively, you can renovate a building to suit your operational needs, but this is expensive and not worth it unless you will make enough savings on other costs to counteract this expenditure. 

Some core aspects to look at include:

Kitchen: If you will prepare meals, does the kitchen have enough space to hold your appliances, ingredients, and team?

Floorplan: Does the building layout match your operational style? Does it have enough office and staff rooms, facilities, and the necessary utility access?

Size: Will you have enough space to display your products or seat guests?

Storage: How much inventory will you keep in the stockroom? Can you easily organize and navigate this space when full?

Remember: If you plan to host clients or customers in your business location, first impressions matter. Consider the state of the building and whether it reflects well on your business.

3. Rent cost

Once you narrow down your selection of business locations, you will want to compare costs. If buildings are located near one another, your lease will likely be near the same price. 

According to Hartman Income REIT, most businesses should pay 10% or less of gross income for rent [2] . For example, if you generate $20,000 revenue each month, your rent should ideally be $2,000 or less.

Rent will likely be your largest bill each month, so getting a good deal on rent will be a decisive factor in your business’s success. You will need to compare value when factoring in rent costs. Ask yourself these questions to see if the rent price is worth it:

Is parking included?

Are any utilities included?

Does the property have any energy-saving features?

Will one space cost more or less to heat and cool than another?

TIP: If you want to save on rent, consider looking for a space that is close to capacity. Businesses that are moving or downsizing may be willing to give you a great deal on their old space.

4.State and Local Taxes

When looking at business locations, don’t forget to factor in state and local taxes. Depending on the area, these taxes can have a significant impact on your bottom line.

Some states have no income tax, while others have high sales tax rates. Make sure to research the tax implications of each location before making your final decision.

Some ways to reduce your tax burden include:

Choosing a location in a enterprise zone

Hiring employees who live in the enterprise zone

Investing in energy-saving equipment

5. Security

Some businesses need more protection than others. A jewellery store might need a large, safe, and high-tech alarm system, while a small restaurant may simply need a sturdy lock. 

As you compare options for your business location, see what existing security features are in place. Furthermore, ask the property owner if you can install security cameras, add security gates, or upgrade the property in any other way to make it suitably safe. 

Likewise, evaluate the overall safety of the area. Some neighbourhoods have higher crime rates than others. If your business location falls into these areas, make sure you take the proper precautions to prevent theft or property damage. And if you have a type of business that is prone to theft, you may want to consider another area.

location in business plan

6. Competition

Should you open your store near a competitor? Common sense might say no, but you actually can benefit from selling near similar businesses. 

Why is this?

Consumers like having choices. They also like convenience when they shop. This is why malls and shopping centers are so popular among retailers. So having nearby businesses could actually bring more foot traffic to your store.

Think about the typical shopping center . There are dozens of retailers selling similar products, yet the majority are profitable. Why is this? 

Generally, these stores benefit from the large consumer demand in the area. Shoppers know the location has plenty of choices, so all stores benefit from the high foot traffic . If these stores were alone on the side of the road, how many consumers would visit for a t-shirt or pair of jeans? 

This might not be true for all kinds of business. For instance, an area's demand for convenience stores will not necessarily rise with increased competition. So consider both positive and negative elements of competition when assessing a possible business location.

7. Growth potential

Look at your one-year and five-year goals. Do you plan to grow your business or even open more business locations?

You want to choose a business location that allows you to expand your service as needed. A restaurant may eventually want to offer outdoor dining or build a bustling takeaway service. Similarly, a store may want to offer a more diverse inventory.

If a sudden spike in demand will necessitate moving locations, it might be a good idea to choose the large location first. While this may be more expensive than choosing a small location, it can help you save money in the long run.

Growth can be helped or hindered by all kinds of factors besides the building itself. The size of the town or city may influence the potential to open more branches that expand your customer base, while the ability to open and market online services can make your base city irrelevant to growth.

8. Accessibility

How easily can customers visit your business? The more accessible it is, the more appealing it can be to shoppers. Customers hate to struggle to reach the business, which can extend the travel time unnecessarily and make the experience stressful.

Some common accessibility concerns include:

Car park and street parking availability

Distance to major highways

Distance to public transportation

Convenient parking for delivery trucks

Knowing there’s a nearby car park or bus stop puts potential customers at ease as they don’t have to figure out how they will reach the business. Without this convenience, they may choose to go to an easier-to-reach competitor.

Final Thoughts

So there you have it. These are eight factors to consider when choosing a business location. By taking the time to assess each of these elements, you can make an informed decision about the best place to set up shop.

Don't forget that the perfect business location does not exist. There will always be trade-offs, so weigh your options and choose the location that is best for your specific business.

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LOCATION STRATEGY

Location Strategy 227

Being in the right location is a key ingredient in a business's success. If a company selects the wrong location, it may have adequate access to customers, workers, transportation, materials, and so on. Consequently, location often plays a significant role in a company's profit and overall success. A location strategy is a plan for obtaining the optimal location for a company by identifying company needs and objectives, and searching for locations with offerings that are compatible with these needs and objectives. Generally, this means the firm will attempt to maximize opportunity while minimizing costs and risks.

A company's location strategy should conform with, and be part of, its overall corporate strategy. Hence, if a company strives to become a global leader in telecommunications equipment, for example, it must consider establishing plants and warehouses in regions that are consistent with its strategy and that are optimally located to serve its global customers. A company's executives and managers often develop location strategies, but they may select consultants (or economic development groups) to undertake the task of developing a location strategy, or at least to assist in the process, especially if they have little experience in selecting locations.

Formulating a location strategy typically involves the following factors:

Depending on the type of business, companies also may have to examine other aspects of prospective locations and communities. Based on these considerations, companies are able to choose a site that will best serve their needs and help them achieve their goals.

COMPANY REQUIREMENTS

The initial part of developing a location strategy is determining what a company will require of its locations. These needs then serve as some of the primary criteria a company uses to evaluate different options. Some of the basic requirements a company must consider are:

Besides these basic requirements, companies must take into consideration their unique requirements of prospective locations. These requirements may correspond to their overall corporate strategy and corporate goals and to their particular industries.

LOCATION SELECTION TECHNIQUES

Manufacturing..

Several techniques exist that can be used as part of a location strategy to determine the merits of prospective sites. Location strategists often divide assessment of prospective locations into macro analysis and micro analysis. Macro analysis encompasses the evaluation of different regions and communities, whereas micro analysis includes the evaluation of particular sites. The main macro analysis techniques are factor-rating systems, linear programming, and center of gravity.

Factor-rating systems are among the most commonly used techniques for choosing a location, because they analyze diverse factors in an easily comprehensible manner. Factor-rating systems simply consist of a weighted list of the factors a company considers the most important and a range of values for each factor (see Table 1). A company can rate each site with a value from the range based on the costs and benefits offered by the alternative locations, and multiply this value by the appropriate weight. These numbers are then summed to get an overall "factor rating." Then a company can compare the overall ratings of alternative sites. This technique enables a company to choose a location systematically based on the best rating.

Table 1 Sample Factor-Rating System

Linear programming provides a method for evaluating the cost of prospective locations within a production/distribution network. This technique uses a matrix of production facilities and warehouses that shows the unit shipping costs from a manufacturing location designated by a variable, such as X, to prospective destinations, such as warehouses designated by other variables— E, F, and G —and the total amount of goods the prospective manufacturer, X, could produce. Other prospective manufacturing locations and the same information for each are also included in the matrix. After computing the total costs for each prospective location, a company can determine which one has lower total costs in terms of the entire production/distribution network.

The center of gravity method is useful for identifying an individual location by considering existing locations, the distances between them, and the volume of products to be shipped. Companies use this method mostly for locating distribution warehouses. To use this technique, companies plot their existing locations on a grid with a coordinate system (the particular coordinate system used does not matter). The idea behind this technique is to identify the relative distances between locations. After the existing locations are placed on the grid, the center of gravity is determined by calculating the X and Y coordinates that would have the lowest transportation costs.

Since service businesses generally must maintain a number of sites to remain close to customers, the location selected should be close to the targeted segment of the market. The market also can influence the number of new locations, as well as their size and features.

A simple technique for determining service locations is to establish a set of minimum criteria for opening new outlets. These criteria should be developed so that the locations selected have strong chances of success. A company could assess the potential of prospective locations based on primary criteria such as:

After selecting locations that satisfy these criteria, a company might further evaluate the potential locations based on a set of criteria that considers the location's industrialization, person/car ratio, labor availability, population density, and infrastructure.

TRENDS IN LOCATION STRATEGY

Globalization and technology have been the biggest drivers of change in the location decision process over the last thirty years. Location activity has been very high in recent decades as a result of technology improvements, economic growth, international expansion and globalization, and corporate restructuring, mergers and acquisitions.

The top five location factors for global companies are costs, infrastructure, labor characteristics, government and political issues, and economy. Key sub-factors are the availability and quality of the labor force, the quality and reliability of modes of transportation, the quality and reliability of utilities, wage rates, worker motivation, telecommunication systems, record of government stability, and industrial relations laws. Other sub-factors—protection of patents, availability of management resources and specific skills, and system and integration costs—are of increasing importance.

Whereas wages and the industrial relations environment are significant factors in multinational location decisions, by far the main determinant is the host country market size. Furthermore, global economic considerations have become paramount in location strategy as companies contemplate the advantages afforded by various locations in terms of positioning in international markets and against competitors.

When companies seek new sites they generally strive to keep operating and start-up costs low, and so they often choose locations in collaboration with economic development groups to achieve these goals. Companies also now expect to move into new facilities more quickly than in the past, so they tend to focus more on leasing facilities than purchasing land and building new facilities. Also, by leasing facilities, companies can relocate every few years if the market requires it.

Technology, especially communications technology, has not only been a driver of change, but has facilitated the site selection process. Managers can obtain initial information on alternative locations via the Internet and promotional software. Site selections agencies increasingly use geographical information system (GIS) technology, and e-mail has become a dominant mode of communication in location research and negotiation.

Location databases have enabled companies to do initial screening themselves, hence reducing their need to rely on economic developers to providing only very specific information and details on locations—such as commuting patterns and workforce characteristics.

Telecommunications technology has created the "virtual office" of employees working from remote locations. The growth of the virtual office has impacted location strategy in that some companies no longer need as much workspace because many employees work from remote sites. When these employees need to work at the office, they can call and reserve office space for themselves. The decrease in facility size can lead to millions of dollars worth of savings each year, while increasing productivity.

SEE ALSO: Globalization ; International Business

Revised by R. Anthony Inman

FURTHER READING:

Bognanno, Mario F., Michael P. Keane, and Donghoon Yang. "The Influence of Wages and Industrial Relations Environments on the Production Location Decisions of U.S. Multinational Corporations." Industrial and Labor Relations Review 58, no. 2 (2005): 171.

MacCarthy, B.L., and W. Atthirawong. "Factors Affecting Location Decisions in International Operations—A Delphi Study." International Journal of Operations and Production Management 23, no. 7 (2003): 794–828.

Spee, Roel, and Wim Douw. "Cost-Reduction Location Strategies." Journal of Corporate Real Estate 6, no. 1 (September 2003): 30–38.

Talley-Seijn, Margaret. "30 Years of Location Strategies." Plants, Sites and Parks 31, no. 3 (July 2004): 26–29.

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How to Choose the Right Location for Your Business

Brandon Boushy

Choosing a business location is complex. We’ve put together a list of 9 considerations to help you choose the best place for your business.

Every city I have ever been in has had a shopping center that seemed like it was cursed. No matter what types of businesses opened in the location, they could never maintain a full shopping center. Do you have a location like that where you live?

If so, you know the importance of choosing a location for a business. You want your new business location to excel because you chose the best location for your business. We talked to David Schomer, the owner of Espresso Vivace and the person who is considered the originator of Latte Art. Amongst other things, he gave us some information about how to select the location of business activities.

We’re going to provide you with the information you need to pick the best business location for a retail business and other businesses including:

How the location of business impacts the success

Types of business locations.

Business location factors to consider

Let’s jump in and explore the question: “Why is the location of a business important?”

A man searching for a business establishment online

When you choose a business location, it is one of the most important decisions you can make because it factors into every other aspect of your small business. As David pointed out there is a reason for the saying:

“Location, Location! L – O – C – A – T – I – O – N !”

Here are just some of the ways location impacts success:

As you can see, a small business location strategy can determine whether a company succeeds or if it is driven out of the community by high costs and local zoning ordinances. Since choosing a potential location for your business is obviously important, let’s look at the types of business locations you can choose.

Business locations typically fall into several categories. The most common type of business locations are:

If you aren’t quite sure you’re ready to choose a business location, check out our business launching guide . Otherwise, keep reading for more information on the most common type of business started.

There are a ton of considerations when choosing the perfect space, but the following are some of the most important:

Keep reading to find out why!

Factor 1: Near your target market

The right location should always be near your target audience. Small businesses are so competitive that they have to be conveniently located to the target demographic. If the desired location is not near prospective customers, it is a bad location. You won’t get the customer base you want.

David had a little to say about choosing a location for a coffee shop. Watch that segment of his interview below:

For those of you who aren’t able to listen because it will disturb those around you, he said:

“Coffee shops need an urban location with lots of foot traffic. I wouldn’t open a coffee shop in a rural location or a drive-through. The business would be garbage.”

That’s why you should have a demographic profile of your potential customers in mind and check out the Census Bureau’s statistics on income before trying to pick the right community for your business. Disposable income is available for most cities by zip code.

Keep reading for other factors that go into choosing a specific site for your business location.

Factor 2: Square footage

A location strategy for business people should include considering how many square feet are needed for the business. You can look at similar businesses in the local market to get an idea of how many square feet you need.

Alternatively, this guide from the City of Davis provides the number of square feet per employee that the city requires. While this is only applicable for the Davis local area, most cities should have something similar. Make sure to do thorough market research about the local ordinances before shopping.

You may want to plan for a certain location to grow with your business. If you do, the right location should be able to hold any growth in employees you have for at least three to five years. Unless you are building, there’s no need to go beyond 5 years, but when building you may want to go out 10+ years.

Keep reading to understand how pricing should factor into choosing the right location.

Factor 3: Pricing

You should be aware of how to judge the cost of a property by several methods. A site will typically be charged on a price per square foot that is converted to a monthly or annual rate. If a location has higher prices than the general area, that could mean there is high demand for the location.

Meanwhile, low rent could be an indication of problems with the site, such as bad parking options, an oddly shaped space, or previous tenants did a lot of damage to it. Make sure to look at the property in person before committing to it.

You might pay a higher price if the site offers a street-side sign to encourage customers to visit your location. This can be really beneficial because the sign is effectively a marketing expense and should increase revenue.

Factor 4: Zoning

A man typing on the keyboard

A zoning ordinance is a rule regarding how land in a specific area can be used. Zoning regulations normally specify a few different types of land:

There may be more but these are the typical zones. Check with your local SBA office to find out your city’s zoning requirements.

Factor 5: The other businesses nearby

Nearby businesses can influence where you locate your business in a community as well. There are two primary scenarios you want to consider:

Factor 6: Foot traffic

The community activity in a shopping center can dramatically increase the number of customers that come into a newly opened store. If you are right next to a grocery store, you are likely to have more customers visit your site than if you are in a standalone building with no other businesses nearby.

Make sure to go to the location during different times of day to verify what the traffic patterns look like. Alternatively, you can talk to current tenants and ask them questions like:

Factor 7: Parking

The parking scenario should also be considered when you research “what is the right location for business.” In general, sufficient parking would include:

You should also make sure the parking lot is in good condition. If it’s not, there is a good chance the property owner doesn’t take good care of the building either.

Factor 8: Government Incentives

There are government incentives from federal, state, and local governments to encourage businesses to open in certain locations. You’ll need to talk to each local government to find out what incentives they are offering but check out HUD incentives for the most common incentives.

Often the incentives are in the form of tax waivers, credits to your taxes, or increased deduction limits. Make sure to do your research and talk to a tax attorney.

Factor 9: Access to Transportation

Employees need to get to work. If you are in a town with public transportation, determine routes and where they make stops. You can take that information into account by finding spaces to rent that are near the route stops. It will make workers’ lives easier.

Go Find Your Perfect Business Location

Now you know how to choose a location for a small business. You’ll need to work with a commercial real estate professional to find the location that works best for you. Presearch it!

If you’ve already chosen a business location, you’ll need to remodel it to suit your use. Check out Service Wise Electric’s blog about remodeling for advice on how to go about renovations.

Alternatively, check out our interview with a boutique owner who has some good insights about a commercial buildout.

We hope you enjoyed learning why location is important, envisioning the types of locations, and understanding what to consider when selecting a business location. 

At UpFlip we aim to write content that helps you solve your most pressing business needs. While analyzing search results can help us find some of the most searched inquiries, we know that sometimes SEO doesn’t give you the exact answer you need. What would you like us to provide more information about?

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Brandon Boushy

Brandon Boushy started his company after years of working in customer service, engineering, and project management. After receiving his MBA, he turned his diverse skills into a business helping other small business owners find resources and strategies that further their business objectives. He focuses on assisting businesses with their marketing, communication, and research needs.

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