Business Plan Part VIII


As any good real estate agent will tell you, the three most important things to consider are location, location, location.  This is certainly true when buying a home, but even more true when looking at a location for your business.  The location can often make or break the business.  While it is true that some businesses are such that the customers will seek them out no matter where they are located, most business do not have that luxury.  Often, the most ideal locations are also the most expensive.  What a business needs to do is look at the expenses and benefits to come as close to that ideal location as possible.  It will likely be a compromise. 

Things to think about when selecting a location for your business that should be included in the business plan:

  • Business address or the location where business will be and why it’s desirable
  • Physical features of the building including signage, parking, lighting, etc.
  • Location ownership –renting, leasing, purchasing, owned (included terms)
  • Renovations needed
  • Neighborhood description – include zoning laws and any permits required
  • Area businesses in the location – will they help bring in more people?
  • The location’s affect on the businesses expenses

This information can be obtained from many sources including Chambers of Commerce, trade sources, planning commissions, bankers, real estate brokers, and the local city, town, or village clerk. 

Our next topic is literally all about YOU….. A section of your business plan should discuss management.  Until next time…………

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