5 Things to Consider When Choosing the Right Location for Your Business
Posted on November 13, 2015
There are many mistakes a start-up can overcome. In the long-run, it may not matter if you chose the wrong flooring, hired an inadequate manager, or even if your printed materials contain a typo. With a little finesse, these things can be corrected, and as your business grows, you’ll soon forget about the trials and tribulations you faced as you launched. With that said, choosing the wrong location is one mistake that can prove to be very costly, and might even hurt the venue’s chances at overall success. Before you sign on any property, consider the following five things.
Hopefully before you began your journey, you took time to consider your target audience. It’s always advisable to verify that the people you expect to visit your commercial structure are already in the area. You can use census data and city resources to make sure the people you intend to serve are close by. Bear in mind, this applies to customers as much as it does to having employees to work at your site.
If you’re building a warehouse or plant, people don’t necessarily need easy access to your facility, but restaurants, stores, and other venues need foot and vehicular traffic. The only way you can truly identify if the location you’re considering is ideal is to visit it several times. Traffic will fluctuate depending on time of day and what day of the week it is, but you should be sure there’s enough to funnel people into your business before you build.
- Competition and Anchors
If your building is serving a consumer-base, you’ll also need to look at who else is in the area. Close proximity to a large non-competing business can funnel traffic into your building. Having a competitor in the area could hurt your overall success, but not always. For instance, a discount outlet piggybacking off a retail outlet might find this to be the best method.
Certain sites carry a stigma, or have already had several similar businesses fail in the same location. If your goal is to open a restaurant in a space that changes names and ownership on a seemingly annual basis, your restaurant will likely struggle too. With that said, it’s significantly less important if your company already has an established presence, and the structure is a subsequent build.
- Parking and Accessibility
You’ll want to consider everyone who needs access to the building, and the times that they will be there. Employees, customers, and deliveries will all need space to park or to drop off goods. If large trucks will be in the area, they will also need ample space to maneuver. If providing sufficient exterior space does not allow enough land left to suit your building needs, it’s probably best to keep looking for a new location.
There are many things that go into choosing the right location for your commercial building, though this is a solid start in the early stages of planning. Once you begin to feel settled on a specific piece of land, it’s a good idea to hire a professional to assess the site’s viability. An expert will look into many more things, like how difficult it will be to build, if there are obstructions, like pipes or powerlines, and if there are any ordinances that make building impossible or cost-prohibitive. Choosing the right location isn’t always easy, but it’s well worth the effort to do the research necessary to make the best possible choice.