When it comes to running a brick and mortar business, there are few things more important than the location of your store or office. If you have a subpar location, the entire livelihood of your business could be in severe jeopardy. Knowing this, it’s crucial that you take the time to find the absolute best location for you to house your business. To help you do this, here are three tips for working with your real estate agent to find the perfect business location for your company.
The True Costs Of Ownership
Especially if you’re a business owner who’s just starting out, it’s important that you know exactly what your budget is looking like and what the true cost of having a brick and mortar location will be. While most people remember things like their monthly rent or mortgage payment, other costs may be forgotten until it’s too late. According to Robb Mandelbaum, a contributor to Time Money, other things that will contribute to your overall costs include taxes, insurance, utilities, maintenance, marketing, repairs, parking and more. So before you go signing your lease, make sure you’ve figured out all the possible costs and have the money in your budget to afford them.
Where You’re Placed In Your Community
Once you’ve narrowed down the locations that you can actually afford, it’s now time to think about how each of those locations could affect the success of your business. In a larger sense, you’re going to want to find a location within your community that matches well with what your business is and who your target customers are. According to the staff at Entrepreneur.com, you want to find an area within your community that houses the type of people your business is marketed to. Also, the wealth of an area and how that matches with the products or services should also be taken into account.
Where You’re Placed In Your Neighborhood
In addition to the overall community, you also need to find the right neighborhood location for your business. According to Scott Allen, a contributor to The Balance, whether your neighborhood has good foot traffic, has other businesses like yours who will be competition, attracts a certain kind of customer or client, and has an overall reputation will all be contributing factors to how well your business does in that particular area.
The location of your business could mean the difference between ultimate success or ultimate failure of your small business. So to help ensure that you get into the right location in the right area for maintaining a healthy business, consider using the tips mentioned above to help you decide where to house your fledgling company.