5 Considerations for
Finding Your New Location
Commercial Real Estate Location Open Sign Relocating offers a potential cure to many business ailments, like a lack of foot traffic stemming from an inconvenient location or a workforce that’s outgrown a small space. But a hasty relocation only worsens the situation. Make sure your move helps your business instead of hindering it by taking these five factors into account.
1) Commerical Real Estate Cost
Of course, money is one of the most important (if not the most important) factors to consider when you’re relocating your business. Simply put, can you afford the rent? Keep in mind, though, that it’s not just about the cost to you – it’s about the cost to your visitors too. Higher rent may force you to pass the extra costs on in the form of more expensive goods and services. It may not have a negative impact on your business, but it’s certainly a factor to consider, especially if money is tight for a significant portion of your customers. Don’t forget about parking – can people park for free nearby, or will you have to rely on metered spaces or a nearby parking garage?
It’s not just about looking for an attractive storefront or an office with enough square footage for your organization, though those are important components of the new location search. Finding the right location involves so much more than that. For example, what part of town is most consistent with your business? What kind of a commute is involved for visitors? Does your business need to be visible on the street or easy for pedestrians to reach? How much parking do you need? Is the location convenient for you, your employees and your customers? Is it in a safe area?
3) Proximity and Convenience
Are there other services around you that complement (but don’t duplicate) your offerings? For example, opening a gym near a healthy restaurant would be wise, as patrons of one are likely to be interested in the other. Know your customers and what they need, then locate your business strategy to serve them better. You can even take your proximity one step better after moving and create strategic partnerships with complementary businesses – in the case of the gym and the healthy restaurant, each could offer a small discount to people who show a recent receipt from the other business.
4) Infrastructure and Amenities
Before you sign anything, make sure that your prospective location can provide enough electricity, air conditioning, and internet connectivity to meet your needs. Anything out of the ordinary that your business requires, like high power consumption or specialized wiring, necessitates an extra careful look at potential locations. Other special needs could be solved creatively; if you only need meeting space once in a while, for example, you could split an office suite with another small business that has similar needs. Be sure to clarify how payment for things like utilities will be handled as well. Is it covered in your rent or will you be responsible?
5) Future Expansion
What happens if your company succeeds and you grow? It’s a good problem to have, but having to move out of your location after too short a period is a hassle. Don’t buy a space that’s drastically oversized, but be sure to leave yourself some room to grow in case your business takes off – you don’t want to be caught unprepared for the demand.