A dream of yours is finally becoming a reality: you are starting your own business! However, you don't want to get too ahead of yourself. You know that many businesses fail in the first year of business. You hope that your dream isn't going to be short-lived, but you know all those horror stories of small businesses falling victim to larger franchises and companies. You know it's going to be hard work, which is why you have to find the perfect location to set up shop. So, to help you find the perfect location, here are five things that you are going to want to look for:
1. What Type of Business Neighbors Do You Have?
When you decide to start a new business, it is imperative that you do your homework on your competition. Your competition is already established in the market and has a loyal customer base. It is going to be hard to compete with that, but it doesn't mean that it is impossible. However, you need to know what you are up against. Therefore, you need to try to find a location that has businesses that are somewhat similar to yours.
2. How Are Other Businesses in the Area Doing?
Take the time to ask businesses in the area that you are considering to see how they're doing financially and business-wise. See if they feel that they made the right choice when they chose that location for their business. If they're uncertain, then you may want to think twice about setting up shop there.
3. Is the Location Easy to Find?
If your office or shop isn't easy to locate, then it is going to be absolutely pointless to have a business there. Sure, you could have the most unique and affordable items in the city, but it isn't going to make a difference if people cannot find you. You will essentially be setting yourself and your business up to fail – and fail hard.
4. How Is the Parking?
Similar to location, if your customers have nowhere to park, they aren't going to come to your store. Make sure that you check out accessibility options before you sign any type of commercial lease.
5. How Are the Lease Rates?
This is an important one. More often than not, businesses choose a space that they cannot afford. Some areas are going to cost more, and you may love that area, but you must be realistic when it comes to your business strategy and planning.
Talk to a commercial real estate broker for more information and guidance.