Choosing a business location can be the most exciting step in setting up your small business (or it can be the worst). It all boils down to choosing a location that suits both your needs and the needs of your customers. By asking the right questions and doing the proper research you should be able to find a suitable place to start your small business journey. Here’s what you need to know.
The Two Questions You Need to Ask Before Choosing a Business Location
Consider the Primary Needs of Your Business
Typically, we hear that the needs of the customer should always be met before the needs of your business. While that philosophy may hold true in most instances it does not apply when you are choosing a business location. You need to strike a balance between your needs and their needs. But, what are your needs?
Those will depend on a few different factors; such as the type of business you own, your budget, local competition and safety. You may also want to avoid areas that are sparsely populated by businesses. Such an area may suggest that the area struggles to attract customers. Listed below are all of the factors that you will should consider before choosing a business location.
- Budget – Location and square footage will determine price. The more you pay, the more you get (check out our blog on negotiating a commercial lease if you want to get the most bang for your buck).
- Competition – Be sure to consider whether the businesses in a certain area help you attract customers or drive them away. A little competition never hurt anybody.
- Safety – Going back to location, if you spend less and acquire an unsafe location both your employees and customers could suffer.
- Space – Will a warehouse, retail space or some other form of commercial space be most suitable for your business?
What Do Your Customers Want From Your Location?
Once you have met the needs of your business it is time to acknowledge the needs of your customers. Convenience is the main factor that will cause customers to flock to your business (unless you offer a superior product). Either way, a convenient location will help boost traffic and sales. Here are some ways to make your business more accessible.
- High-Traffic – Choosing a business location that is located in close proximity to homes or other businesses will drive up consumer traffic. That means you just have to close the sale.
- Parking – Without a designated parking area near by your business will struggle to attract traffic. So, make sure there is a designated parking area nearby.
- Reputation – You may be thinking that this only applies to crime-ridden neighborhoods but, you may also want to be wary of glitzy suburban neighborhoods as well. Make sure your location is right for your customer.
With these questions and tips in mind, choosing a business location that is beneficial to both you and you customers shouldn’t be too difficult. For more information please look at these local commercial real estate listings or give us a call at 516-248-6905. Best of luck with your search!
