Choosing the right location for your business isn’t something you can just decide on a whim—it’s a really important step when starting out. First, think about what type of business you have. Different places like business parks, shopping malls, strip malls, and professional buildings are designed for different needs. For example, if you’re moving from an online-only setup to having a physical store, your requirements will be different than if you’re an accountant looking to attract more clients.
Planning a business location takes some research and a willingness to explore all your options. With these tips, you can find the perfect spot for your growing business!
1. Decide on a Business Location Type
Here are five common types of business locations you might consider, but keep an eye out for creative options like co-working spaces that are popping up all the time! Finding the right spot to meet your needs is important.
- Home-Based Business: If you’re running your business from home but need more space, think about moving to a bigger home or adding an office to your current place.
- Retail Business: Don’t just stick to downtown stores and strip malls! You can also find retail spaces in airports, stand-alone buildings, or even special event kiosks.
- Mobile Business: It used to be that only circuses and festival vendors moved around, but now things have changed. With mobile card readers, your restaurant can set up a food truck, or your used bookstore can have a pop-up shop at the beach.
- Commercial Business Space: These spaces offer great flexibility for future growth, but they’re usually best for businesses that don’t depend on heavy foot traffic.
- Industrial Site: If you’re in manufacturing or distribution, you have specific needs and might have fewer choices for new locations. Industrial sites are essential for businesses that need a lot of warehousing, access to major transport routes, or produce pollutants during manufacturing.
Just remember, local zoning laws will often determine where you can set up shop. Make sure to check that it’s legal to operate your business in your chosen location before you sign any contracts!
2. Make sure the Business Location is within your Budget
When you’re looking for a new business location, one of your top priorities will definitely be sticking to your budget. But there’s more to consider than just the purchase price or monthly rent. Each location often comes with its own set of hidden costs that you’ll need to keep in mind. Think about things like taxes, renovation expenses, utility upgrades, minimum wage laws, and even any economic incentives you might be eligible for. If you’re running a mobile business, don’t forget to factor in the costs of permits and vehicle licensing as well.
By taking all these factors into account, you’ll be better equipped to make an informed choice about where to set up shop next. Before you make any commitments, it’s a good idea to chat with other business owners in the area to see if they’re satisfied with their location. While you can’t guarantee that a new spot will be a hit, doing your research can help ensure you find the best fit for your growing business!
3. Consider your Brand
When you’re figuring out your business location strategy, always keep your brand in mind. For example, it wouldn’t make much sense to open an office supply store right in the middle of a fancy boutique shopping area. Similarly, an upscale restaurant might struggle to attract customers if it’s located in a college town or a rural area where people tend to spend less on dining out. Choosing the right spot that matches your brand can make a big difference in your success!
4. Think about Vendors and Suppliers
It’s important to choose a location that makes it easy to connect with your vendors and suppliers. If you don’t, you could face delays or have problems keeping your inventory stocked. When looking at different spots, think about which one will make it easier and cheaper for you to get the supplies you need to run your business smoothly.
5. Find a Safe Location
Don’t overlook how important it is to feel safe while running your business. It’s not just about your safety and your employees’ safety; you also need to think about how to protect your business itself. This is especially true if you have valuable inventory that could attract thieves or if you’ll often be working alone at night. Keeping your business secure is key!
6. Go Where there is Demand
You’ll want to find a business location that isn’t crowded with competition. Look for places where there’s a high demand for what you offer but not too many others selling the same thing. If you can, try to choose a spot where nearby businesses complement yours. This way, your business can thrive and fit nicely into the local market!
7. Think about Recruiting Efforts
If you’re planning to hire employees and managers, it’s important to choose a location that’s easy for them to get to. Look for areas with good public transportation or places that will attract potential employees. Finding great workers is key to your business success, so make sure your location is somewhere they’ll want to work!
Also Read: How to Set Business Goals?
8. Look for Sites with Parking Options
No matter how great your business is, having enough parking is really important. Think about whether your location has a convenient parking lot or if customers will need to pay for parking—and if they’ll actually be okay with that. If paid parking is your only choice, consider offering validation to make it easier for your customers. And don’t forget about your employees; they’ll need a place to park, too!
