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Choosing a location

Choosing a location. Choosing a location will be one of the most important decisions that you will make Choosing a bad location could spell disaster Choosing a good location could mean instant success. The type of location you choose will depend on the type of business you decide to operate.

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Choosing a location

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  1. Choosing a location

  2. Choosing a location will be one of the most important decisions that you will make • Choosing a bad location could spell disaster • Choosing a good location could mean instant success. • The type of location you choose will depend on the type of business you decide to operate. • For example: clothing store, hair salon, manufacturing, restaurant, construction, etc…

  3. Where you can start to look? • Downtown areas (Main Street) • Neighborhood Shopping Centers (Plaza’s) • Community Shopping Centers (The Mall) • Regional Shopping Centers (Smart Centers) • Stand-Alone Stores (Cambridge Soccer Club) • Warehouses • Industrial Parks • Operate from Home

  4. Downtown Advantages • Central • Likely to attract shoppers Disadvantages • Parking Problems • Crime • Distance from suburbs

  5. Neighborhood Shopping Centers Advantages Low Rent Supermarkets bring in customers Disadvantages Attracts only customers who live in area

  6. Community Shopping Centers Advantages • Anchor stores bring in customers • Moderate rent Disadvantages • Distance is too great when convenience is important

  7. Regional Shopping Centers Advantages • Attracts customers from a large area • Anchor stores bring in traffic Disadvantages • High rent

  8. Stand Alone Stores Advantages • Rent can be lower • Little or no competition next door Disadvantages • Extra costly to advertise • No anchor stores to draw in traffic

  9. Warehouses Advantages • Low rent • Can charge lower prices Disadvantages • Customers may not be aware of your business • Spend more on advertising your existence • No anchor stores to attract customers

  10. From Home Advantages • Cheaper to operate from home • Low rent, utilities, etc… Disadvantages • May be too difficult for customers to find • Spend more to advertise • Too many interruptions

  11. How to look? • Use the Internet e.g. MLS.ca • Community newspaper • Drive/walk around town and observe • Get a Real Estate Agent to help you • Local Chamber of Commerce

  12. Let’s Begin Looking!! • Open the word file and follow the instructions to locate a place to operate your venture, along with the equipment that you will need to begin operating. • Fill out the chart and total your costs. • This will help you form your Balance Sheet

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