About
About Us
Leadership Team
Annual Report
Mutual Growth Podcast
Impact Report
Resources
Knowledge Center
Financial Calculators
Financial Quizzes
Security Center
Contact Us
Careers
Find a Branch Near You
215.788.1234
Find a Branch
215.788.1234
site logo
  • Personal
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
      • Credit Cards
      • Home Equity Loans & Lines of Credit
      • Home Mortgages
      • Personal Loans
      • Meet The Team
      • Apply for a Loan
    • Manage
      • Online Banking
      • Mobile Banking
      • Visa Debit Cards
      • Your Credit Score
      • Credit Cards
      • Zelle® Complete
      • Safe Deposit Boxes
    • Personal Banking Rates
    • Financial Calculators
  • Small Business
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
    • Manage
      • Cash Management
      • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • Commercial
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
    • Manage
      • Cash Management
      • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • How We Grow Communities
    • Community Commitment
    • Penn Community Foundation
    • Community News
  • Log in
site logo
  • Log In
  • Personal
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Manage
    • Personal Banking Rates
    • Financial Calculators
  • Small Business
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Manage
    • Meet The Team
    • Industries
    • Resources
  • Commercial
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Cash Management
    • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • Communities
    • Community Commitment
    • Penn Community Foundation
    • Community News
  • About
    • About Us
    • Leadership Team
    • Careers
    • Annual Report
    • Mutual Growth Podcast
    • Impact Report
  • Resources
    • Knowledge Center
    • Financial Calculators
    • Financial Quizzes
    • Security Center
  • Contact Us
Careers
Find a Branch Near You
215.788.1234

Location, Location, Location

What are the three most important factors when starting a business? Some will tell you it’s location, location, and location. In many ways, it is true.

The spot you choose has a significant impact on the success of your business. That is especially true if you are a service business like a restaurant or a store, but also true for factories and business-to-business firms.

Factors To Consider

There are many factors to consider in terms of choosing a business location, each of which will impact your success and decision-making.

  • Accessibility. Every brick and mortar business needs customers, inventory to bring in, and products to deliver out. That means customers, salespeople, employees, and suppliers need to be able to find you. They need easy access, which may require nearby parking or closeness to public transit.Do you get regular truck traffic for delivering or transporting your products? They often need ample turnaround space and an area for loading and unloading.Do you rely on walk-in trade? This is important if you are a restaurant or service business. Look for a spot that has close-by traffic generators. Look for large businesses, office parks, colleges, schools, hospitals, shopping malls, strip malls. Locations that are in central downtown cores close to office buildings and other retails shops can provide generous foot traffic as well.
  • Safety. Your location needs to be safe and attractive if you want people to feel comfortable patronizing your business. If your site or the building is unsafe, prospective workers might be inclined to choose other employers .
  • Future growth. If your shop or factory takes off, you may need room to add space for offices, services, and manufacturing, all without losing your parking and loading areas. Are there empty lots next to the property or ample rental space to expand?
  • Zoning regulations. You need to stay legal. That means your product or service fits the municipal building codes and legal zoning requirements for the area. Your building must meet the standards for the neighborhood. The amount of traffic you generate must not overwhelm local roads and available parking.If you do not make sure you fit the zoning regulations, you’ll end up unnecessarily spending money either on bringing your premises up to the standard or on moving.
  • Taxes. Setting up a business at a new location or moving there involves tax implications. Make sure you can afford the taxes imposed with owning a business. Seek the advice of a lawyer and an accountant to figure out what to expect from local, state, and federal taxes.

Points That Impact Your Business

When deciding on a location, some things can have a significant impact on the success of your business.

  • Demographics. Who is your target audience? You want to select a location that makes it easy for them to find you. For instance, if you operate an upscale salon, it makes no sense to choose a building in a low-income area.
  • Business friendly local government. Do the local and state governments offer incentives for setting up shop in a particular area? Do local laws, taxes and zoning regulations favor small businesses? You can nurture growth much more easily in an environment that is friendly to your company. Ask the local chamber of commerce for advice. Find a small business specialist to guide you through any confusing laws and regulations.
  • Labor market. Unless you are a one-man band, you need to consider how easy and affordable it is to attract the right type of employees. If your business requires particular kinds of skills, be sure the local area can supply your needs at the pay you can afford. Further, what is the minimum wage in the area? Make sure workers can get to your business easily via public transportation.

Where you set up your business can be the make-or-break decision for future success. Put the time into considering all the factors. Research more than one spot. Confer with your accountant, lawyer, the local chamber of commerce, and other local business resources. Talk to business people in the same area. The more research you conduct, the better chance you have of finding a profitable location.

Posted on June 12, 2019July 16, 2021Author Penn Community BankCategories Business Banking

Post navigation

← Buying an Existing Business
Naming Your Business →

Search

Recent Posts

  • Celebrating the Career of Diane Brown
  • Reflections During Women’s History Month
  • Daylight Savings: Spring Savings Tips
  • Protect Your Accounts by Avoiding Phishing Scams
  • Celebrating International Women’s Day

Categories

  • Business Banking
  • COVID-19
  • DE&I
  • Digital Banking
  • Economic forecast
  • Financial Literacy
  • General
  • Personal Banking
  • Podcast
  • Residential Lending
  • Security

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • November 2018
  • October 2018
  • August 2018
To give you the best possible experience, this site uses cookies and by continuing to use the site you agree that we can save them on your device.
Accept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT

215.788.1234 Find a Branch Near You

Personal Bank Borrow Manage Personal Banking Rates Financial Calculators
Small Business Bank Borrow Manage Meet The Team Industries Resources
Commercial Bank Borrow Manage Meet The Team Industries Resources
How We Grow Communities Community Commitment Penn Community Foundation Community News
Security Center Privacy Policy
Accessibility Statement Site Map

US Routing Number: 231373182 
|  Penn Community Bank NMLS #: 434939

© 2023 Penn Community Bank. All Rights Reserved