Setting up a new business is an incredibly exciting time, but it pays to be weary when choosing your location.It could potentially make or break your business so it’s important you get it right first time.
Survey the Area
Do a good survey of your proposed business location. For example, if you were opening a bakery you wouldn’t want to open it on a street with another two bakeries. The same applies to through traffic. If you find a nice cheap corner on the edge of a little-traversed street you’re not going to get enough customers to keep your business running because no one will be walking past. Make sure you set out with a clear business plan to help you along. Otherwise, you could end up losing the property you’re operating out of.
Use A Lawyer
If things do go pear-shaped regarding your property you need good lawyers to help you through it. They have fees of course but having their advice and expertise guide you through the process can save you so much more money in the long term, make sure you get yourself a great real estate attorney
It’s not just the amount of people passing your business it’s the type of people. You need to make sure your business type fits in with the people around it. Setting up a designer boutique and placing it in a poorer area is a good example of what is likely not to work.
If you’re expecting to see a lot of customer footfall then it may be wise to ensure you have a good parking area. This allows customers to come to your business and park, opening up more sales possibilities.
Check On Government Ordinances
This stops you opening certain businesses in certain areas. Checking this out before you set up shop is vital. Business Zoning even applies when you’re running a business out of your home so you need to be careful, just check it out thoroughly before making any decisions.
Check The Building’s Infrastructure
You also need to check the building itself. It may not have the components you need to support your business, this includes electrical and air conditioning installations needed to support modern high-tech operations. Before committing to purchasing or renting a property perhaps hire a business analyst. They can scour the building and check it has the necessary fixtures and fittings to support your proposed business.
Investigate Utility Costings
Only use a building that fits your business needs. If you purchase somewhere bigger you could end up having to pay for more electricity than you need, you may be responsible for janitorial services too which means having to clean a larger area. The same applies to rent, you could be renting unnecessary rooms, so only do this if you’re sure of growth. You could ask to see the previous year’s billing for the site and compare it with your costings to see if it’s tenable.