Starting a business in Kentucky involves many important decisions, and one of these decisions is where your business will be located.
Choosing a business location is a bigger decision than you may initially think. In fact, it is one of the most important choices you must make when starting your business.
Do your research
You should carefully research different locations and review various factors that must be considered with each location.
Obviously, one of the biggest factors is going to be the cost of the location. Your location should be affordable, but there are other factors to consider, as well.
Research the local demographics around the area. This gives you an idea of the types of customers you are likely to attract.
Clustering
You should also examine where your business competitors are located. Sometimes many of the same types of businesses are located near each other. This is called clustering.
There is a specific reason for this. When your business is located near other businesses of the same type, you are likely to attract a greater number of customers.
For example, if you are opening a jewelry store and choose a location near several other jewelry stores, the people already naturally around your store are probably going to be looking for jewelry. This increases the chance they will stop at your store.
The type of business you have
Your ideal location also depends on the type of business you are operating. A business that relies on foot traffic could benefit from the clustering approach described above.
However, if your business involves storing inventory or equipment, space might be a bigger priority than the atmosphere of the surrounding area. A quieter area could be better for a business with clients coming to it only for scheduled private appointments.
Other considerations include things like parking, local zoning rules and safety. The ultimate location you choose can make a huge impact on the success of your business. There are professionals who can assist you with this process.