Choosing a new business location can open many doors for you personally and professionally; however, where you decide to locate your own businessman plays a massive part in how successful you are with this new venture.
Even in light of increased ecommerce businesses, location is still vital for businesses, especially those looming customers, clients, or deliveries on site. But how can you find the right location, and what do you need to keep in mind before signing on the dotted line?
How accessible is your location? Access needs to be considered based on the type of business you are opening. If you are opening a warehouse, your location needs to be easily accessible from highways and have space for easy maneuverability for good large vehicles, trucks, etc. If you are opening a store, do you have ample parking? Is it accessible by foot, or are you in a location with other businesses with proven foot traffic?
Sit down and assess how people will access your business, the type of people you will be attracting, and how they will need to access your business.
Before committing to purchasing or renting a property for your business, you must consider taxes for the building and your business. Look into this carefully so you know what to expect. If they seem high, it might be worth seeking a new location or moving to a different municipality or zone to reduce taxes.
If you are unsure about talking to commercial real estate brokers when looking for your location can help you to find out more about the type of taxes you will be liable for and how much you can expect to pay.
The crime rate in the location you choose can impact your business massively. While areas with high crime rates might have lower prices, is it worth the risk? At a minimum, you will need to invest in additional security features; at worst, you could be at risk of everything you have worked so hard to build up and alienate clients or customers who won’t venture to high crime areas.
It can be extremely beneficial for you to choose your new location based on local competition for what you are offering. This means there is always a market for your products or services that you can tap into and make a success of this location. However, if there is too much competition or your competitors aren’t thriving, this might be a sign that you must avoid the area altogether. Choosing your location based on your competitors can be eye-opening and help you to decide if this area is right for you or not.
Potential For Growth
Does this option offer you potential for growth, whether this is something you are considering for the near future or not? While the last thing you want is to pay for a building that’s not big for what you need to pursue hypothetical growth and success, you also want to avoid squeezing into a space that is too small for you and doesn’t give you the opportunity for growth and to scales needed, if not you should assess the suitably of the location for your business needs.
Choosing your new business location can be instrumental to your success and failure. Jumping in feet first and not weighing up your options and the pros and cons of the premises you are considering is doing your business a disservice. Stop, think carefully about everything the location offers you, and make sure you are making an informed decision for the right reasons.