When it’s time to select the location for your new business, or you’re ready to expand or move into a new location, be sure to consider the following questions.
When selecting the general area:
- Is the site located near potential customers?
- Where is the competition?
- How long have the competitors been in this area, and how strong are they?
- Are there potential employees nearby?
- Is the area convenient for you?
- Is the location convenient and accessible to traffic? Near public transportation? Accessible by pedestrians?
- What are the occupancy rates in the area?
- What is the business climate in the area?
- Is the area growing or declining?
- What are market rents for the type of space desired?
- What services does the town or city provide?
- Are there zoning regulations or signage restrictions that will affect your business?
- How safe is the area?
- Are there adequate support services nearby, such as suppliers, printers, distribution centers, etc.?
- Are there conveniences for you and your staff, such as restaurants, cleaners, shops, etc.?
Once you’ve narrowed down the area, evaluate the location:
- Is there adequate parking for employees, customers, delivery vehicles?
- Will you have to pay extra for parking?
- Is the rent affordable?
- Is there room for expansion?
- Can you get insurance at a reasonable cost at this location?
- Are there any building or health codes that would affect your business?
- Are there adequate storage facilities on site?
- Will you be able to have good visibility? signage?
- Will people be able to find you?
- Does the building or location have the amenities that you need?
- Have you considered your finish out requirements?
- Does the location have adequate wiring, including for voice and data communications?
Finally, once you narrow your selection down to 1 or 2 locations, it’s time to begin lease negotiations.