How to Select Business Location

Topics: Economics, Rental agreement, Lease Pages: 2 (384 words) Published: April 17, 2011

Business location checklist
(Print out this checklist to complete it.) Basics Have you determined your requirements (size, street frontage, services, etc) before approaching the market? Yes No

Do you propose to lease or purchase?

Have you made contact with previous tenants or owners to determine the history of the site? Have any disadvantages become apparent?

Is the site suitably zoned?

Have you assessed the site for the sales potential of the area, economic and demographic factors and competition? The customer Is the site suitably located in relation to your target market?

How visible and accessible is your location to both foot and vehicle traffic and car parking facilities?

How many people and vehicles pass your planned location daily? How important is each to your business?

If location on a particular side of the street is important, are the proposed premises on the best side?

Does the site project the right image about your business? Transport Is public transport available? Is it an important issue?

Does the cost of shipment of goods to and from the site loom as a major factor?

2 Neighbourhood Are neighbouring businesses suitable and do they appear healthy?

Are complementary businesses close by?

Are there any vacant premises? Why? For how long? Have similar businesses failed/succeeded in this location?

Are there any major changes contemplated in the area?

Are there any restrictions on signage in the area? Financial Can you afford the premises? Have you assessed alternatives?

Are the terms of the lease on offer suitable?

Have you identified and costed all outgoings for which you will be responsible?

Do you know what amount of security deposit or bank guarantee is required?

Have you determined what insurances you are obliged to have in place?

Are you aware of what indemnities you must give to the landlord?

Do you know the position if you breach the terms of the lease?

If you are a company,...
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