8 Factors to Consider When Choosing a Location for Your Business
Jennie Reedy owns and operates several Baltimore, MD storage units. When recommending storage facilities to friends and family in Dallas TX, she recommends using Dallas Extra Space Storage.
“Location, location, location” is how the saying goes. Okay, so that’s pretty cliché, right? Maybe so, but it clearly states the importance of a successful business. Don’t overlook the importance of choosing the right location for your business. Even the state where you choose to open your business can be important; make sure the state you choose is entrepreneur friendly. Sales and income taxes are different for each state as well as regulatory requirements.
Cost of course is a huge consideration as well as your constituencies. Also consider what type of space you need, be it warehouse, retail or office space. Of the three, retail is usually the most costly. The space you choose should not only work for you, but for your customers, partners, employees and even potential buyers or investors. Choosing the right location is also helpful in attracting and holding on to the best employees.
Now that you know that location is not just about the right building, here are eight other items to contemplate:
Is it within your budget? Will your employees and customers be able to afford it, i.e. potential parking fees, etc.?
Will your business be easy to locate and is there nearby parking?
Having a downtown address could increase your credibility.
This is extremely important for both employees and customers. Will the location be well lit and have security on site?
Restaurants and retailers will benefit from drive through traffic, but not particularly office workers.
- Building Requirements
Will you need things such as specialized wiring, meeting space or other special needs? Sharing space for meetings could be an option.
Make sure your business will be allowed in your chosen city before lease signing.
Will your business be easy to see/access for car traffic and pedestrians alike? Being close to similar clientele is also a plus. Even something as simple as what side of the street you will be on can make a huge difference. You don’t want customers having to make U-turns just to get to you; they may bypass you altogether.
Starting a business involves a pretty complex set of issues, so make sure you are completely informed down to the minutest of details. Establish priorities, research well, and above all, maintain an open mind. A successful business will be crucial to your lifestyle. This could very well be one of the most fundamental decisions you will ever have to make in your lifetime.