They say, being at the right place at the right time, is the key to success. Essentially, timing is everything. So when trying to decide on a commercial real estate location for your business, it's a huge decision that can have a real impact on your business. Here is what to consider when deciding where to set up shop.
Depending on what industry you are involved in, a few factors matter heavily. For example, if your business depends on people walking in the door, also known as retail, picking a heavily foot-trafficked area is key. However, if you are going to partake in industrial or manufacturing, you'll want a space large enough and permitted and zoned for that type of activity. Of course, price of square foot vs. your needs as a business is important as well.
Beyond that, if customers are coming into your business, you'll need accessibility with parking. If a neighborhood or area has a positive reputation, it can have a positive impact on your business - versus a negative reputation can have the opposite effect. If you need to be zoned for specific permits, be sure that the space you are renting or buying allows for you to conduct the business activities necessary to your business.
Business location is an important decision that will have long-lasting impacts on the business. It could mean the difference between success and failure. Especially because so many new businesses do not make it, it's important to get the business off on the right foot. Finding the right answers to these questions is key.