When deciding on a location for a new business, most people look for a place that seems likely to draw customers or clients. Choosing the area that your business calls home will be a vital factor in its growth and sustainability and play a part in how many of those customers you can bring in, so it is something that should be carefully considered.
Ask yourself whether the site fits your brand; do the other businesses in the area complement what your business stands for? For example, you probably wouldn’t want to position a children’s clothing store or a skateboard shop in an area that is geared toward older consumers.
You also need to consider how many nearby businesses are likely to be competitive to your chosen venture. While competition is always out there, you don’t really want it to be next door.
Is the building easy to find and does it have adequate available parking? You could lose revenue if costumers have a difficult time finding you or can’t find a parking space.
Most successful businesses will eventually outgrow their original parameters, and you should consider that when leasing or purchasing. A small building may seem quaint and interesting at first, but will soon become a liability when you have a lack of storage and expansion room.
You must also take renovation and decorating cost into consideration. A building that seems like a great bargain is not worth it if you have to spend too much of your hard-earned money to make it presentable and usable.
Zoning laws have to be addressed. You can find out if your type of business is lawful in the area that you are considering by checking with the local city planning office.
Finally, talk to other commercial enterprise owners nearby to ascertain whether it is a safe and pleasant area in which to open a new business. Asking a few questions beforehand can save a lot of heartaches later on.
You are the one who will suffer if you choose a building or an area that doesn’t meet your needs, so make a list and get as much for your money as possible.