Bar and Club by Entrepreneur magazine

Author:Entrepreneur magazine
Language: eng
Format: epub
Publisher: Entrepreneur Press
Published: 2011-03-13T16:00:00+00:00

Room for Growth

Look at the facility with an eye to the future. If you anticipate growth, be sure the facility you choose can accommodate you. Keep your long-range plan in mind, even when short-term advantages make a location look attractive. A great deal on a place you’re likely to outgrow in a few years probably is not that great of a deal. Similarly, if there is evidence of pending decline in the vicinity, you should consider whether you want to be located there in five years.

SAVE

To keep costs down, consider sharing space with another company that does not compete with your business—one that might even complement yours. This is known as cobranding, such as when a sandwich chain places a unit in a convenience store. Put your space-sharing agreement in writing, detailing each party’s rights and responsibilities, and give yourself an out if you need it.

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