Location can also have a big impact on costs and revenue and can affect the perception your potential clients have of your company and your work, so it’s important to get it right. Here are some key Tips to consider in your business location choice.
Population Demographics
Find out if the majority of the human traffic in the area falls under your targeted consumer base. For a fee, you can make use of location analysis tools, such as Locate, Grow and Optimize that can give you information like traffic patterns and lifestyle data of those who come and go in the area. Such demographics include age, professions and household income. By figuring out the nearby demographics, you’ll be able to know how well your product will sell in that vicinity. Source: canon
Know your business
Understanding the needs of your business is the first step in finding a location. Will customers visit your location? Do you anticipate walk-in business, or will customers call for appointments? Does your business make use of natural resources? How are your goods delivered? Does your business involve chemicals or excessive noise that might fall under the zoning restrictions? Make a list of your business-specific needs. Source: allbusiness
Foot traffic
For most retail businesses, foot traffic is extremely important. You don't want to be tucked away in a corner where shoppers are likely to bypass you, and even the best retail areas have dead spots. By contrast, if your business requires confidentiality, you may not want to be located in a high-traffic area. Monitor the traffic outside a potential location at different times of the day and on different days of the week to make sure the volume of pedestrian traffic meets your needs. Source: entrepreneur
Proximity to Your Competitors
While it may seem counter-intuitive, operating a business close to your competitors is often very beneficial. This is especially true if you have a retail business that relies heavily on foot traffic. Shopping malls are a good example of why proximity to your competitors is an important factor. Most major pedestrian malls are chocked full clothing shops, and cost of retail space is often very high. The reason for this is that the number of potential customers increases exponentially on a per-store basis around a concentration of similar businesses. For example, while one store might attract 50 customers, two stories might attract 200 customers, and three stories might attract 1,000 customers. Source: saleshq.monster
Consider local taxes and infrastructure
Taxes vary between municipalities, with some towns offering preferential rates in the hopes of attracting businesses. Your commercial real estate agent should know what the taxes will be, as well as the infrastructure and utilities—including Internet access, garbage pickup, roads, electricity and natural gas—that are available at the sites you're considering. Source: bd.ca
Safety
Having that sense of security should be a big factor for you, and will be a big factor for your potential customers. If they don’t feel safe leaving their car in the parking lot, they likely won’t enter your store. Not only that, but it should be weighed heavily on your part as well because the higher the crime rate in the area, the more susceptible your business is to break-ins and theft.
If it’s in a part of town where the windows and doors of all nearby stores are barred at night, that’s probably not a good sign. Running a business is tough enough as it is. Don’t add to your stress by placing yourself in a dangerous part of town that is known to have a higher than average crime rate. Source: lendio
Legal considerations for commercial property
There are a number of legal considerations when choosing business property including planning permission, health, safety and fire regulations, insurances, accessibility and licences. You will probably need to pay stamp duty if you purchase the property or if you rent commercial property you will need to comply with the terms of the lease. Ensure you get advice from a solicitor when buying or leasing business premises. Source: nibusinessinfo
Consider possible plans for expansion
This may not be an immediate concern, but optimistically thinking about business expansion helps in determining the potential of your desired location.
Moving your business to another location is not an easy task. That’s why you have to consider the options available if ever your business would grow and require more space.
If it’s not possible to rent out the adjacent lots or do a reconstruction of the place, then at least go around the area to see if there are bigger and better spaces you can move into when the time comes. Source: fitzvilla
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