You have an excellent business idea and have created a business plan, now what? Before opening your doors, you’ll need to find the perfect location. The location of a business can make or break the business. We have compiled a list of tips to help you find the best business location for your business.
New business owners are especially cognizant of recurring costs. While rent price may not be the only deciding factor when choosing the perfect business location, it is an important consideration. Make sure you choose something that you can easily afford, even during slower seasons. Ensure that you’re getting a good value for the price. Don’t forget to predict the cost of utilities or maintenance fees. Cheaper rent may not be worth it if you’re expected to manage all repairs and the building is in need of renovations. A good tenant representative, like the ones at OfficeFinder, can be very helpful in providing realistic information.
Parking is another important consideration. Consider the average number of people who will frequent your business daily, including employees. Make sure the parking lot is large enough to accommodate that number and more. You may need even more space if you share a parking lot with other businesses in the area. You’ll also want to consider the safety of the parking situation.
Opening a business in a location with few nearby residents can make it extremely difficult to earn a profit. There are many challenges to opening a new business, but doing your research can help you overcome some of them. Understanding the local market size, including average age, family size, income, and buying habits, can help you evaluate how your business will fit into the area.
Most cities require businesses to choose locations zoned for commercial purposes. However, carefully choosing your business location based on the current businesses in the area can help you better reach your target customer. For example, if there are a lot of offices in the area, you can expect that there will be a good number of people looking for a lunch business. If a busy coffee shop is on the corner, you can expect a lot of car and foot traffic early mornings.
The layout of nearby businesses may vary depending on the city. A large bustling city with thousands of businesses and retail scattered everywhere can be much harder to determine the best location for your business.. For example, if you plan on buying a Toronto business, you’ll want to choose something in a highly trafficked area nearby other similar establishments. Of course, you’ll also want to consider competitors. Two competing businsses in the same district will divide business and make it difficult for either one to succeed.
Make sure you choose a building and office size that accommodates your business goals. If you plan to open a coffee shop, you’ll need room for espresso and brewing equipment. If you want to open an upscale business, consider how many tables you’ll need to be profitable. Don’t forget about a large enough space that allows the kitchen staff to move around easily. Make sure you also consider special event space. If you have plans to host parties, you’ll need ample room for guests. Hosting events is an excellent way to increase your business’s brand awareness and earn extra revenue.
If you plan on visiting the business daily, you’ll want to choose something within a convenient commute for you. Additionally, if you already have employees, make sure the commute makes sense for them. You may have to replace your current staff if you choose something too far away from existing employees or in a busy area. Even if you don’t yet have employees, you’ll want to consider the ease of parking and commuting for new staff members since this is a common consideration when choosing a new workplace. On average, employees are willing to commute up to 30 minutes to a workplace.
Make sure you also consider both your short and long-term business plans. If you plan on upgrading within the next few months, choose a larger space now. Don’t forget to inquire about your property manager’s plans too. If the building owner plans on tearing down the building at the end of your lease, you could be left searching for a new location again. Considering your goals could also save you money by signing a longer contract, which usually comes with a discount.
Your business’s location may be more important to the success of your business than you ever considered. The right business location ensures your customers and employees can easily reach you. A central location can also provide your business with steady foot and car traffic, increasing your brand awareness and, ultimately, your profits.
If we can help you, please let us know. That is our speciality, helping businesses find and negotiate for commercial space. There is no cost or obligation for you. Give us a try.