Determining Location, and Physcial Facilities

• Site evaluation involves analyzing several factors that can impact the success of the business also the potential risks associated with the site, including natural disasters, environmental concerns, and security issues.
• After deciding to locate in a given community, the next decision will be to select an area within it.
• Site selection is a complex process using research and analysis to choose the best location for a company.
• A team investigates all aspects of a potential site, including geospatial attributes, population information, existing infrastructure, and investment.
• The objective of site selection is to find the best site, from among available candidates’ sites.
• Before occupying a site, look into its history. Knowing a building's history can assist you in making decisions about its suitability for your business. It's important to know who previously occupied the site and why they left.
• It is important to research the neighboring businesses. It assists you in understanding the business environment and the factors that can affect your business, identifying opportunities and threats that your business may face in the future, identifying market gaps that you can fill with your business, identifying potential competitors and developing strategies to compete with them, and identifying potential suppliers and partners that can assist you in expanding your business.
• In site selection, consumer convenience is important. This can be accomplished by selecting a convenient location for customers where they can spend as little time and effort as possible. Customers are willing to pay more for convenience. Therefore, a good location can increase brand exposure, attract new customers, increase sales volume, and serve as a competitive differentiator.
• The general business atmosphere of a location refers to the overall environment of the area, including the economic, social, and cultural factors that affect the business. It is an important factor to consider when selecting a site for a business as it can impact the success of the business.
• the aesthetic characteristics of your business environment can have a significant impact on your success. By selecting a location that is visually appealing and has a positive atmosphere, you can attract customers and create a positive work environment for your employees. This could include areas with natural beauty, such as parks or waterfronts, or areas with unique architecture or cultural significance.
• it is important to conduct thorough research on the local customs and culture of an area before selecting a site for a business. This research should include an analysis of the local population’s preferences, values, and beliefs, as well as an understanding of the local laws and regulations that may impact the business.
• According to Maptive, some of the factors that should be considered when selecting a site for a business include easy access to major highways, interstates, and major roads, short, favorable travel times for employees, vendors, and customers, proximity to landmarks, population clusters, and other high-traffic areas, availability of tax breaks and other financial incentives, and environmental concerns, including areas that may put your business operations at risk .
• It is important to choose a location where the cost of occupancy is reasonable and does not exceed a certain percentage of the business’s revenue. A thorough analysis of the cost of occupancy and comparison of the costs of alternative sites is essential in making an informed decision.
• A site survey is a detailed inspection and assessment of a plot of land to gather information about its various features and characteristics. It is conducted before the beginning of a construction or development project, and it forms the basis for planning, design, and decision-making.
• Site surveys serve as the foundation for project planning, enabling a detailed study of a site’s existing conditions and potential obstacles. They provide the necessary knowledge to make informed decisions about construction or development projects
• A rental or lease agreement is a legal contract between two parties. Once you and your landlord enter into lease, you are both bound by its condition. A lease represents your right to carry on a business in a particular location.
• Rental payments refer to the amount of money that a tenant pays to a landlord in exchange for the right to occupy a property. The rental agreement should clearly state the amount of rent, the payment due date, and the payment methods.
• term of lease is the length of time you may occupy the premises.
• lease restrictions are certain business activities which a lease is permitted to carry. These are also restrictions indicated in the rental agreement which the lessor must follow.
• right to transfer or assign the lease is the right to transfer or assign the lease refers to the tenant’s ability to transfer their leasehold interest to another party. This can be done through an assignment or subletting