Welcome to the 10-minute Entrepreneur Podcast, intended to equip and encourage business owners and aspiring entrepreneurs,

taught by active business owner, best-selling author, and teacher, Sean Castrina.

Okay, Sean Castorina with the 10-minute entrepreneur podcast.

We're doing a teaching lesson today.

What I'm going to be talking about is the eight things you need to consider when choosing a location for your business.

And a lot of this applies to if you want to relocate as well.

And I'll do a little bit of elaborating on that because I have screwed that up a few times. And I've gotten it right a few times, but it's really expensive and it's a

pain in the tail when you screw it up. So let's just talk about you have an idea and you don't want to

do it in the area you're currently located or you're considering your area. But you can put

it other places and what things should you consider? Let's start going through those now. Well,

the first thing is you want to look at competition. Obviously, I don't want to put a business in a

physical location where there's massive competition. I mean, I remember in our area, I am not exaggerating where there was a Mexican restaurant

every two blocks and a nail salon every two blocks.

I mean, you know, unless you have an extraordinary value proposition or competitive advantage

that you're giving that nobody

else isn't. And typically in those businesses you have to win with price, it just didn't

make sense that everybody just kept opening up another one and another one and where they

could have picked maybe some other areas just a little bit outside of our city and they'd

have been a lot more profitable. So when I consider a location

for a business, I want to consider the competition. I don't want it to be shark-infested

water. I'd like to have a little bit of blue ocean out there. Second thing I look at is the

cost to operate. This is, what am I going to be paying for rent?

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