Answer the following questions by indicating whether it’s a strength or weakness of the potential site as it relates to your prospective business.
Related: Bringing the World Home
Once you have completed a worksheet for each prospective location, compare the relative strengths and weaknesses of each site to determine the value of each to the success of your business.
- Is the facility located in an area zoned for your type of business?
- Is the facility large enough for your business?
- Does it meet your layout requirements?
- Are the exterior and interior of the building in a good state of repair?
- Are the lease terms and rent favourable?
- Will you have to make any leasehold improvements?
- Do the existing utilities meet your needs, or will you have to do any rewiring or plumbing work? Is ventilation adequate?
- Is the facility easily accessible to your potential clients or customers?
- Is there suitable parking, is it free or paid, and does this impact your business?
- If applicable, is there good access to public transportation?
- Can suppliers make deliveries conveniently at this location?
- Can you find a number of qualified employees in the area in which the facility is located?
- Is the location convenient to where you live?
- Is the facility consistent with the image you would like to maintain? Does it have ‘curb appeal’?
- Is there suitable space for exterior or interior signage, and will local ordinance permit the type of signage you want to instal?
- Is the facility located in a safe neighbourhood with a low crime rate? Will security and insurance be prohibitively expensive?
- Is exterior lighting in the area adequate to attract evening shoppers and make them feel safe?
- Are neighbouring businesses likely to attract customers who will also patronise your business?
- Are there any competitors located close to the facility? If so, can you compete with them successfully?
- Do pedestrian and passing motorist traffic counts meet your requirements?
- Is the store located in an area comprised mainly of your target audience?
- Is the population density of the area sufficient for your sales needs?
- Is the trade area heavily dependent on seasonal business?
- If your business expands in the future, will the facility be able to accommodate this growth?
This article was originally posted here on Entrepreneur.com.