Finding A Location
Updated: Jan 28
Finding the perfect location will vary base of what type of business you have and what your needs are. Here are 9 things to consider when choosing the perfect location for your business:
Demographics. Start by considering who your customers are. How important is their proximity to your location? If you're a retail store that relies on the local community, this is vital. For other business models, it might not be.
Foot traffic. If you need people to come into your store, make sure that store is easy to find. Remember: even the best retail areas have dead spots.
Accessibility and parking. Is your building accessible? Don't give customers a reason to go somewhere else because they don't know where to park.
Competition. Sometimes having competitors nearby is a good thing. Other times, it's not. You've done the market research, so you know which is best for your business.
Proximity to other businesses and services. This is more than just about foot traffic. Look at how nearby businesses can enrich the quality of your business as a workplace, too.
Image and history of the site. What does this address state about your business? Have other businesses failed there? Does the location reflect the image you want to project?
Ordinances. Depending on your business, these could help or hinder you. For example, if you're starting a daycare center, ordinances that state no one can build a liquor store nearby might add a level of safety for you. Just make sure you're not the one trying to build the liquor store.
The building’s infrastructure. Especially if you're looking at an older building or if you're starting an online business, make sure the space can support your high-tech needs. If you're getting serious about a building, you might want to hire an engineer to check out the state of the place to get an objective evaluation.
Rent, utilities and other costs. Rent is the biggest facilities expense, but check out the utilities, as well, and whether they're included in the lease or not. You don't want to start out with one price and find out it's going to be more later.
Once you know what to look for and it's time to start searching for a place that fits all of your qualifications, these four tips can help.
Think on your own timeframe. Landlords are starting to offer shorter-term office rentals. Don't get stuck in a long-term lease if it doesn't make sense for your business.
Play the whole field. There are all sorts of places to use -- co-working spaces, office business centers, sublets and more. Keep your options open.
Click around town. You might be able to find the perfect place by using online resources.
Do the deal on your terms. Again, you have options. Don't get roped into something that makes you uncomfortable.
After you have a location, you can focus on the aesthetic.