“Location, Location, Location” is the old business mantra, and it is worthy of a picture frame. Perhaps the most important business decision is choosing an area where your business will be easy to find, and is appropriate for what customers are looking for. Spaces at the mall or heavily trafficked roads tend to be expensive, because other buyers are prepared to offer a higher bid to have them. The ideal location for your business, at least theoretically, is one of these premium lots.

On the other hand, this is not always the case. A highly specialized store, such as a printing shop, is not likely to see heavy traffic so much as receive infrequent large orders. In this case, it is not as important to have an ideal location, as it might be for a drug store or restaurant. If locating your business in the backwoods of the commercial district is cheaper, then the opportunity cost may not outweigh the money saved. Customers will come find you, or just call and then mail a check when they receive their order.

Truth be told, it may not even be necessary to rent an office. If a business sees little or no traffic, or is conducted primarily via telecommunication, then it may be possible just to convert a spare bedroom into workspace. This is the ultimate money saver, and is nothing to be ashamed of.