How will location affect my business?
When it comes to your business plan, location may matter more than you think. If you're considering stating a new business, location should factor into the equation.
Of course, the type of company you are running will play a role in determining the best location for your business. Think about where you might run your business out of. A home office? A storefront? An online business could be run out of your own home, while a storefront may require a location in a city or populated area as opposed to a more suburban location.
It may be more difficult for suppliers to access businesses in urban locations, as Business Insider notes, but for businesses that rely on foot traffic, an urban location near public transportation areas like bus and train stops can be an advantageous spot.
On the other hand, running a business in a suburban location will require you to factor in vehicle traffic as opposed to pedestrian traffic. Convenience is a key consideration for businesses in the suburbs, as it is important to choose a location that customers will easily be able to drive to. Malls are popular because they allow a number of businesses to operate out of a central location exposed to a higher concentration of customers who have made a specific trip to shop there.
Just as the physical location of your business is an important consideration, where you choose to incorporate your business is also important. Many businesses choose to incorporate in Delaware because the benefits of incorporating in this state include a fast incorporation process, the ability to maintain personal privacy and a stable, business-friendly regulatory environment. Before making a decision, think about what your business needs are, and the possible benefits and drawbacks that various locations will bring.