National Brokers Network

Finding the Perfect Location for Your Business

Choosing the location for your business should be one of your priorities. It requires precise planning and research, as it involves checking the demographics, analysing your supply chain, allocation of your budget, scope of your competition, compliance with the state laws and taxes, and many more. And to help you sort things out, here are some tips to help you choose the best location for your business:

Identify your needs

The first thing you need to do is to identify your needs and requirements. Of course, it would be easier to decide if you know what you’re looking for. What you need to know is that your location should provide more exposure to your customers.  Here are some of the things you need to consider:

  1. Brand Image – Is the location consistent enough with the theme you want to achieve?
  2. Competition – Do you consider businesses around you complementary or competition?
  3. Local Labour Market – Does the area provide potential employees? Is it convenient for you staff?
  4. Plan for future growth – Are you anticipating further expansion? If yes, you might need to find a large space.
  5. Proximity to suppliers – You can’t risk your business with a shortage or delay of supplies.
  6. Safety – Always consider the environment of the community.

Evaluate your finances

Other than knowing your budget, you also need to consider other financial issues like:

  1. Hidden costs – You should anticipate other financial issues like renovation, decoration, IT system upgrades, maintenance, and many more.
  2. Taxes – By now you should know your expected gross income and your tax rates for your state. You should be familiar with property taxes and evaluate if you can pay less in taxes by location our business across a nearby state line.
  3. Minimum wage – This is very important. Make sure to consult the Depart of Labour to see if you are complying with their requirements.

Is the location business friendly?

It is important to know the rules and regulations imposed in a particular location. As you look further to the growth of your business, you may consult a property manager to see where you’re going in the future. Check out the programs that support your state government and local communities. You should also consider the economic status of every location.

The bottom line here is to always take your time when looking for a location. For instance, you can check out some businesses for sale in Melbourne since this is one of the fastest growing cities in Australia.

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

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