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.
