Are you looking for the perfect location for your new business? For those of you who are just starting out, location is one of the most important keys to your success.
Learn more about how planning various outcomes with certain places can benefit the future of your business.
Parking Lot Space
Does your potential location have enough parking space available? You might not think it’s important but having a convenient area for customers to park can make a big difference between a successful and unsuccessful business.
Not being able to find a spot in a small lot could anger or irritate your customers enough to prevent them from coming again.
Having to pay a meter or walking down a couple of blocks might not seem like a big deal, but it might not be worth the hassle for some folks. Having easy access to any store, restaurant, or other business is something customers prefer.
Should you own the parking space too? Consider that another business in the future can buy it and take up all the extra space with their own customers or even make it private parking.
This can be detrimental since most people won’t bother parking somewhere else and walking long distances to get to your business, especially if you have competitors nearby with more accommodating parking.
Highly Populated Areas
Is your location near a highly populated area? If you decide to purchase any real estate that’s commercial in Orange County, California, you have plenty of options to choose from.
With so many large cities in the area, this provides more opportunity to increase the number of customers and revenue. Highly populated cities or towns are the best locations since they have many more people circulating the area.
Tourists will also seek your business in a large city or town versus a small one that’s barely on the map. This could also create more reviews online which could attract even more people to you.
It may be an inconvenience for some businesses if you live in a rural area and want to grow it out. You might not fancy moving or commuting to work every day, but the alternative is a lower chance of success.
Building a five-star restaurant in the middle of nowhere won’t bring in as many eager customers as establishing it in a big city in California.
Targeting thousands or even millions of people in a big city is the better alternative.
Having Enough Money
Do you have enough money? Whether you decide to rent or buy commercial property, you need to think about what you can afford.
You might think you could buy it with your own money or get a loan from the bank. However, you must always think about all the possible outcomes when it comes to starting up a new business.
It’s always great to be optimistic and continue having positive thoughts on creating this successful business venture. However, you also have to deal with the reality that you might lose money.
A water leak or many slow months can cause you to go under quickly, especially since you spent so much on the property. The property is essential, but you must always have enough left over for unexpected expenses.
Therefore, you might have to consider waiting or buying a cheaper option than you planned.
Being prepared for all obstacles will help prevent you from going into debt even when you started with enough capital. Just make sure you have extra money for those surprises that can come up every now and then.
Enough Space for Your Business
You need to know the type and potential size of your business before buying commercial real estate.
You don’t want to have to pack up everything and move to another location. That will only cost more money in the long run.
Instead, having an idea of the approximate space for your business is the better option. You wouldn’t want to start an Italian restaurant where only three tables can squeeze in there. It probably won’t last long when you didn’t think about the kitchen, bathroom, offices, and other spaces fitting in addition to the dining area.
Being able to figure out the dimensions you need is something you should plan before even looking at properties.
Establish Near Complementary Businesses
Complementary Businesses are businesses that target similar clients as you without actually competing with you.
As reported by the United States Census Bureau, establishing your business near these complementary ones can increase the traffic coming in.
If people are going to these restaurants or retail stores, then you can gain those customers as well by constructing your business nearby. The convenience of being so close together will further your chances of them coming to you.
Proximity to Other Businesses
Is the commercial property you’re looking at close to your competitors?
Most established companies get aggravated when a new, competing one starts up near their place. However, despite what you thought before, it’s actually a good thing to start your business near ones that are similar to yours.
According to Business Achievers, being in close quarters to your competitors can give you easier access to their own strategies in reeling in new customers. This could involve a sale or some kind of new deal that could impact your business if you weren’t up to speed.
By being nearby, you can counteract their new marketing strategies with some of your own.
Of course, you should be inspired to be more creative than your competitors to ensure new customers will come to your place instead.
People usually try new places out and adding a further incentive can balance the scale in your favor. For example, if you have a coffee shop, you could add jazz music or a live band if you can afford it.
It’s all about making it stand out more, so customers will flock to you to see what the difference is.
Do you think you’re ready to start choosing a location? Doing all the proper research and knowing the type of commercial real estate you need will save you time and money and allow your business to grow more than you thought possible.
This is why location is so crucial to building a new business. Pick the right site today, so you don’t have to rebuild and waste money!
