Picking the location for a new business can be an incredibly important choice. It will not only have a huge financial impact, but it will also determine a great deal about the character of your business going forward. Before you start looking at the specifics, there are a few factors you must consider before moving your new business into a space.
Start with Foot Traffic
For most businesses, the starting point for determining a new location will have to do with visibility. Start by determining whether your target demographic lives, works, and/or shops within a reasonable distance of your potential location. If there will not be enough walk-by or drive-by traffic to support new customers or clients coming inside, you might not be looking at the right place. Your goal should always be to make sure that people can find you even if they don’t quite know what it is they are looking for.
Look at Safety and Reputation
How do your potential customers or clients view your new location? Do they think it’s trendy or boring? Is it the kind of place they’re willing to come to on their own, or is it in the bad part of town. You should always take a look at property values in nearby areas to get a good idea of the location’s reputation. You should check the crime rates of the area as well to determine how safe both your potential customers and your staff will feel if you establish a new location there. For example Boise, Idaho crime rates are lower, while it would be very risky to start out in Hammond, Louisiana.
Consider the Financials
Finally, take a hard look at the costs related to a new area. Look not just at the cost of rent, but various costs associated with the new location like utilities, parking, and even the price of having your equipment moved to that space. While the other factors will give you a good idea of whether or not you should move to a space, your financial investigations will tell you whether or not you can move there. If the numbers aren’t right, you will have to start looking elsewhere to start a business.
What do you need to know about a new business location? You need to know if it’s going to be friendly to new business, whether it’s safe enough for your customers and staff, and whether or not you can afford to move there. If a space has all of these qualities, you may well want to consider moving there. No matter where you start your business, though, you have to make sure that you make the space your own. It will be a reflection of your business’ ability to satisfy customers, so make sure you put in the right amount of effort to make it stand out.