As they say in the world of business, “location is everything.” Choosing where you’ll run your business is an essential part of ensuring your success. Make the wrong choice and you could find yourself struggling to stay afloat.
However, if you choose the right space, you could find your business flourishing with customers lining out the door. The question is, how do you go about choosing the perfect space? What makes a location the perfect one for your business? Read on to find out which factors you should consider when making your choice.
Most people base their choice based on the inside of a building. However, the outside is equally as important. What kind of neighborhood is the building in? Are there any trees that could pose a risk? Are there any nearby businesses that could interfere with yours? How does your business fit into the neighborhood you’re in? For example, if your target audience is over 70 years old, and your business is located in the middle of a young suburban family oriented neighborhood, then chances are they won’t be as successful as if you were operating in a community with a higher retirement rate. In other words, always consider your placement.
Statistically, people are not willing to pay for parking to go to a business if they can find a competitor with free parking. Even if you offer better products and services, most people will often opt for free parking simply because of the value. When shopping around for business spaces, always make sure that you think with the mind of a customer.
How easy is it to access your building with a car? This is especially important if you’re selling objects which are cumbersome to carry. No one wants to have to walk 10 minutes to their car with an extremely heavy piece of merchandise.
Price is an obvious factor that needs to come into play. Even though you may find the perfect location that you can’t imagine passing up, you shouldn’t put yourself into unmanageable debt that you can’t realistically afford. Find a balance between budget and quality. Once you establish yourself as a company and can guarantee steady incoming business, then you can start looking at a higher price range. However, in the beginning it’s important to stay modest and careful with your spending.
Size is everything when it comes to a building space. Choose too large of a space, and you could be wasting your money on square footage you don’t need. However, choose something too small and you could find yourself cramped and struggling to operate efficiently.
Always make sure that you go over measurements carefully before making your final choice. Doing so will ensure you don’t have buyers’ regret later on.