FAQs Step 37: Describe Your Location
Q: I’m launching an online business – is there “real estate” issues online?
Q: I’m opening a children’s consignment clothing store – I’d like to rent space in the main downtown core but there are no storefronts available right now. You suggest locating my business in a location convenient for my customers but everyone has had the same idea. Is it better to lease a less than ideal location and hope for something more suitable to open up or should I be waiting to open the business until the right location comes available?
Q: I’m launching an online business – is there “real estate” issues online?
There are definitely “real estate” issues online. Once you’re close to deciding on a business name, you will want to do a web domain search and purchase your website domain(s). Your domain name(s) are your real estate on the World Wide Web, and given that you want customers to come calling, the best names tell the searcher or customer something about what you do. The second real estate-like issue is where you will place your advertising. If you want to attract customers, you need to place yourself where they can see you. So the location of your advertising is very important, critical to your business’ survival. Another issue that is real estate-like is the choosing of your metatags, the keywords that people will use to find your products and services; in a sense you are mapping out real estate by the words you choose. Also, you might want to read the article Business is Like Fishing.
We suggest you consider these options, recognizing that there are many variables to consider:
- Contact the owners and/or renters for all of the ideal locations to determine when leases end, renewal options, and particularly to learn whether current renters/leasers plan to continue.
- Check the ideal locations to see if any might present an opportunity for you to sub-lease or lease part of a facility.
- If you have the capacity to purchase, consider buying a commercial property.
- Given that any less-than-ideal locations will also be less costly, consider renting or leasing one with it in mind that you might either increase your advertising budget or offer your goods at lower prices to attract customers to your store.
- If you’re going to settle for a less than ideal location in the short term, consider starting out working from a home base, if appropriate.
Have a question? Need Help?
Email us at faqs@riskbuster.com
We welcome all questions, comments and feedback and look forward to hearing from you!