When it comes to having a retail business or even just commercial space or offices, the actual physical location can play a big role in how successful your business will be. Because the location is so important to get right, it’s probably going to take you quite a bit of time to know where you should go and find the right space in your ideal area. So to help you accomplish this and find ultimate success with your business, here are three tips for finding the best location for your business.
Before you even start seriously looking at actual space, you’ve got to know what you can afford. If you find something you love but then realize that it’s out of your price range, you may either be heartbroken that you can’t move into the space or start cutting corners in other areas to be able to afford it, neither of which are desirable options.
To figure out how much you can afford to pay, Scott Allen, a contributor to The Balance Small Business, recommends that you try to figure out what you can afford to pay with an all-in price. This should include things like a commercial mortgage, income tax, sales tax, property taxes, utilities, parking and more. By knowing what you can work with beforehand, you won’t be as likely to get in over your head with location costs.
Consider All Business Demographics
After you’ve discovered what your business can afford to spend on monthly location expenses, you’ve not got to find the right place. To ensure you set your business in an area that will be suitable for it, you’ve got to understand all the demographics relating to your business. The staff at Entrepreneur.com shares that not only do you need to consider what type of customers you want to have coming into your store on a frequent basis, but you should also consider the type of people you want to have working in your store. Employees don’t generally like to live too far away from where they work, so you want to find a place that has both the community feel that you’re looking for but is also surrounded by those that you’re actively trying to market to.
Distance From The Competition
Depending on the type of business you’re running, you may also want to consider how close or far away you are from your direct competition. According to AllBusiness.com, this is especially important for businesses that are operating in the service industry. So if you find a place you might like but there’s a very similar business right next store, you may want to see if there’s another location that would work equally well for you without having the competition being too close.
If you’re wanting to find a business location, consider using the tips mentioned above to help you do just that.