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Small Town Advantages
April 10, 2007
You’ve decided to grow in number of locations. What better way to investigate a new location and study the market than to take a road trip? While traveling on Interstate 95, you notice an exit for a small old mill town…in your mind you’ve designated it as the perfect “pit stop.” But wait…these small towns are commonly anchors to surrounding populations. Remember, it doesn’t take a big city to create an urban economy.
When you consider starting a new business or growing in number of locations, you have to consider location. More and more entrepreneurs are recognizing the benefits of starting a business in a small town. A few advantages including cost saving examples:
- Buying land and owning your own property could turn out to be more cost effective and in the end more profitable. Land in rural areas is much cheaper; therefore, you might consider buying instead of leasing and even develop a small strip center of three or so stores including your business. These additional renters could give your new business the financial boost it needs to stay afloat during the start-up stage.
- Larger masses of land could equal larger amounts of growth. Some of the fastest-growing rural areas are near mountain resorts and national parks or areas that call tourists and retirees looking to escape.
- If you decide to rent, sq. footage costs will be significantly lower in a rural area versus a metropolitan area.
- Lower construction and labor costs.
- Competition could be minor allowing for a larger demand, which could help to increase profit margins.
- Quality of life…slow paced lifestyle allowing more time to spend with family or just enjoying life.
Keep these savings and benefits in mind when you’re looking to expand your business. Locating in a small town not only has business advantages, but personal benefits as well.
Posted by Shanu Singh Guliani on April 10, 2007 | Comments (0)
