How to Find the Perfect Business Location?

You know what they say about the location of a business, and it’s true. The location of your business can make or break it. But how do you know if the location you’re choosing is the perfect spot for your business? The one thing you can’t rely on is luck. You’ve got to scope the place out and follow these tips so that you know you’re in the hot zone.

Take a Look at Your Surroundings

Yes, it sounds pretty simple, but take a look around your potential bizop. Is it located in a busy strip mall where there are lots of cars in the parking lot? Take a look around. Is the building in the middle of a dead street with no one coming in and out? Your eyeballs will tell you all that you need to know when it comes to traffic.

A lot of businesses rely on local traffic to get things going. Yes, you can buy advertising and get people to your business that way, but that’s only going to get you so far. If your business is located in a bad part of town or an area that people aren’t familiar with, no one is going to go check you out.

Your Business Needs to Be Surrounded by Successful Businesses

It’s not just successful businesses that you need to be concerned about, but that is a must. Sure, you can open up a Korean restaurant in an area that has businesses that aren’t restaurants, but it would be best if there were quite a few restaurants in the area.

Successful businesses will drive traffic to the area, and that is what you’re concerned about. It’s even better if those successful businesses are similar enough to yours that you can benefit from all the traffic. A good example would be opening a clothing boutique near several retail outlets.

Rent Is Another Thing You Have to Consider

You’re probably not going to buy the building where your business is located. You’ll need to rent the space that you’re using. Factor in how much rent is going to cost you to determine if your business has any chance of being profitable.

All of the things that we mentioned here about traffic and location will add to the cost of your rent. If you are renting retail space in a high-traffic area, you’re going to pay more per month for it. Your rent will be cheaper if you’re located in a bad part of town, but as we discussed, if you put your business there, it might not perform up to your expectations.

It doesn’t hurt to ask the owner of the building if there’s any wiggle room when it comes to how much you pay per month. If it’s a highly trafficked area, the chances are slim that they’re going to work with you on the price of the rent. There are probably dozens of other businesses that would love to go into that area and will gladly pay whatever the owner asks.

Always Seek the Advice of a Professional

Before you sign on the dotted line, talk to a real estate agent and ask for their opinion. Ask them if they think the location and price are worth it. You may even want to have someone inspect the area so that you know that the place is sound structurally.

A real estate agent will charge you money to walk through the place, but it’s well worth it in the end. The money that you save could be enough that it might be the difference between being profitable and failing. It sounds a bit extreme, but making sure you’re in a good location and the owner of the building isn’t trying to scam you is well worth the money that you’ll spend on the real estate agent.

Take a Step Back and Soak Everything In

Right now, you’re pretty hyped up about the idea of starting your own business. Don’t let your dreams get in the way of reality by choosing a bad location. It’s easy to get so excited that you overlook the most basic fundamental aspects of starting a business.

Don’t take choosing your location lightly. There is no one bigger factor in the success of your business than where it’s located. By choosing the right location, you give yourself the best shot possible of being successful.