I have two good locations to start up my business but I don’t have enough resources to start up in the two locations at the same time. One location is vulnerable to competitors in the nearest future but starting as a pioneer will be of great advantage to capture that territory. The second location is secure and has prospects to make more patronage than the first. I would want to establish in these two locations. Where should I start the business?
Regardless of the nature of your business, before you start shopping for space, you need to have a clear picture of what you must have, what you'd like to have, what you absolutely won't tolerate and how much you're able to pay. Developing that picture can be a time-consuming process that is both exciting and tedious, but it's essential that you give it the attention it deserves. While many start-up mistakes can be corrected later on, a poor choice of location is difficult-and sometimes impossible-to repair.
From what you say above the 2nd option looks lucrative to have something built in business and go to the place you wish to capture as what works will be evident by your first hand experience.
It may depend on your industry, but as a general rule in the place that is logistically the easiest and least expensive. You want to streamline operations to the extent possible because all of your resources - money, time, etc. - are going to be squeezed as it is.
we have worked at multiple locations . Some help us optimise cost , some provide client acessibility .
i can help , based on business specific to location
Hello Alex, it would be best to start in the more secure location that already have prospects. you will minimize the risk and make sure you have what it needs to prove you business model and find the right market fit for your product.
All the best
You should really consider the following question.
1. Which location has the highest overhead? (The lower one might be best if you are a new business)
2. How many deals do you have closed? (Actually people who have given you money for a service or product, and how many people have at least said they will pay you)
3. Based on deals that have closed, how much revenue can you expect the next 6 months?
I know this might be difficult but it is always a great exercise to do because it helps put things in the perspective. I'm not sure where you are in your business but I always advise having a few clients before taking on large over head. If you are an IT service company, you should have clients and if you are selling any actual products try getting people to buy them online before getting any actual locations.
Also, if you are looking to see if a location has better prospect I always advise spending an afternoon to see if the prospects are quality leads.
Go with the second location for the cash flow. Maxine PIerson CEO MJ BIOTECH, INC. (MJTV)
It may sound cheesy, but make a pros and cons list for each location. You should then look at what your main business goals are during the lease period and try to match them with with pros and cons of each location to decide which location actually makes sense to setup shop in.
Hope you find the best location to start. The second one seems the best approach, but, of course, it depends of the nature of your business.
Lot of our members, at www.MasterMindStartup.com are also asking similar kind of questions to other members of our community.
All the best !
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