We’ve all heard the phrase “location, location, location”. It applies just as much to business location as it does to your home.
In business, you want to be in a location that attracts customers, whether it’s through a shop front or an attractive office space.
Finding the right place is important. In fact, it might be the most important business decision you make. So it’s worth doing your homework thoroughly, as you’re looking at a big investment.
Some of the key considerations are as follows.
Ensure you can afford it. It might sound obvious, but many business owners sign a lease or sale agreement based on what they hope their bank account will look like, not what it is. It’s always best to work within your budget. Don’t forget the cost of utilities, such as electricity, phone and internet.
Get a real estate agent or broker who understands and has good experience of commercial real estate. You need to sit down and talk with them so they know what will suit your needs.
They should help you with inspections and sale or lease negotiations.
Is the site as good as it sounds on paper? You’ll often get inflated figures quoting foot traffic data or such as access and office quietness. It pays to walk around the site or park there at different times to find out for yourself. Are competitors close by, or a noisy workshop? Can your staff and your customers park nearby, and is it close to public transport?
Talk to your potential neighbours. They know the area best. A good question might be whether they are happy where they are, or looking to move out. Your neighbours might also become advocates for your business, so nurture them.
They might have similar customers, so you might be able to partner with them to offer complementary services. Imagine a party hire business next to a cake shop.
And lastly, don’t forget to insure your property, whether you’re leasing or owning. If something does happen, you’ll be pleased you were insured.