Location and Facility

You may have the best idea and the best business plan and can easily sell a million units of your brilliant new product, but it won't do you any good unless you have a physical location for your nascent business. Even if you are completely Internet-based, you need a business address, even if it's your own home in Chicago. Okay, maybe if you're Internet-based, location is not as urgent as if you're a retail store, where location will make or break your business. So let's assume location is of the utmost importance to your business. Business plans can help you define where you can best place your business, and how you will reach your target market(s).

A business plan location and facility strategy will ensure that your location is quintessential rather than quotidian. The first aspect of your winning strategy will be to identify your demographic and place yourself within easy access to this group. This doesn't necessarily mean that you have to be in the middle of Chicago's bustling city center; you can be located in the boondocks so long as you establish a winning presence. Indeed, if you market yourself well, they will come. It's not easy to perform this kind of due diligence, so that's where business plans' market analysis teams can help.

Secondly, business plans consultants also stress the need to do a thorough analysis of your competition. Common sense may tell you that you should stay far away from your competitors, but you can actually benefit from such close proximity. Being close to your competition in Chicago provides consumers with more choices, and their marketing efforts will be beneficial to you. After all, they've done the hard work of driving customers to the location; you can reap those benefits for yourself.

Business plans also stress lease negotiation with your potential landlords. There are many unscrupulous types out there, so you should be sure that you and your landlord have a good fit. A thorough understanding of the costs of location will only help your business plan.