Selecting a location for your business is one of the most important decisions a small business owner will make, so careful research and preparation is required. Here is the first of a few steps to help you find the best location for your business:
Determine Your Business’s Needs
An obvious factor in choosing a business is customer exposure, but here are a few other factors and needs that you might also consider:
- Plan For Future Growth – If you think your business might grow during the duration of a lease term, be sure to determine if the property has extra space you can lease and what that process would entail.
- Competition – Are the surrounding business in the property complementary or competitors?
- Brand Image – Does the location fit with the image your business is trying to uphold?
- Local Labor Market – Are there potential employees in this area? Will they have to commute far?
- Zoning Requirements – These dictate what kind of business you can conduct in a location. Contact a local planning agency to make sure your business operations comply with the regulations.
- Safety – Is there a high crime rate in the area? Are there measures in place to make sure your employees and customers will feel safe in your parking lot?
Determining your needs before beginning your search for a business will help you quickly determine whether to pursue or reject various properties.