Factors To Consider While Selecting A Location For Your Business Store/Office

Making location determinations can be as simple or as complex as you make it. There are, for instance, sophisticated location analysis tools available that include traffic pattern information, demographic and lifestyle data, and competitive analyses.

You know your target market and the product or service you’re going to sell. But you’re still undecided about where you want to set up shop/office, and the decision shouldn’t be taken lightly. From street visibility and foot traffic to the cost of commercial real estate, choosing the right space makes a big impact on your bottom line.

Style of operation: Make sure your location is consistent with your particular style and image.

Demographics: Start by considering who your customers are. How important is their proximity to your location? If you're a retail store that relies on the local community, this is vital. For other business models, it might not be.

Foot traffic: If you need people to come into your store, make sure that store is easy to find. Remember,even the best retail areas have dead spots.

Accessibility and parking: Is your building accessible? Don't give customers a reason to go somewhere else because they don't know where to park.

Competition: Sometimes having competitors nearby is a good thing. Other times, it's not. You've done the market research, so you know which is best for your business.

Proximity to other businesses and services: This is more than just about foot traffic. Look at how nearby businesses can enrich the quality of your business as a workplace, too.

Image and history of the site: What does this address state about your business? Have other businesses failed there? Does the location reflect the image you want to project?

Ordinances: Depending on your business, these could help or hinder you. For example, if you're starting a daycare center, ordinances that state no one can build a liquor  store, brothel or beer parlor nearby might add a level of safety for you.

The building’s infrastructure: Especially if you're looking at an older building or if you're starting an online business, make sure the space can support your high-tech needs. If you're getting serious about a building, you might want to hire an engineer to check out the state of the place to get an objective evaluation.

Rent, utilities and other costs: Rent is the biggest facilities expense, but check out the utilities, as well, and whether they're included in the lease or not. You don't want to start out with one price and find out it's going to be more later.