Conventional wisdom says that location is one thing you need to pay careful attention to when starting your own business. You must have the right property to make the business thrive. It’s not all about your goods and services. A terrific business in the wrong location can still fail.
Does this still matter today? The internet has changed the way people shop. As they turn to online purchases and find out how to track down businesses that they never would have stumbled upon on foot, does that mean location isn’t important?
It depends, to a degree, on the type of business you run. It used to be that businesses relied on “flashy storefronts” to get foot traffic. They had to be in the right place and lure people away from other options. With the rise of the internet, that matters less. People research their needs and options before leaving the house, and then the GPS guides them to your store — wherever that may be.
That said, you do have to think about more than just clients. What type of workers are you hoping to bring in? If they’re going to come into the office every day, location really matters to them. Some may want to work in a downtown office building where they can walk to shops and restaurants, rather than in an out-of-the-way neighborhood or a nearby rural town. If you want top talent, your location can impact your ability to get it.
As you start your business, location is still something to think about. But it is just one thing. Make sure you know what legal steps to take to help your business keep step with laws, regulations and changing industry conditions.