Choosing the best location for your new commercial business space is an important and big step. The location of any business can easily make or break its success. There are many considerations an owner can take into consideration when looking to find the best location possible to open a new commercial business space. Below are some of the top tips to take into account.
Enough Customers In Area?
One of the most important factors to take into consideration when choosing a location for a new business space is the amount of target customers in the area. Your target demographic will help you determine the best location with regards to customers. Be sure to ask your leasing representative about how many cars there are passing the area. They should have “car counts” for your area.
Most commercial business spaces are going to need some minor modifications to suit your needs before you are able to move in. Leasehold improvements or build-outs, like tearing down walls or getting electrical systems rewired, can really add to your costs. In some instances, you may be able to negotiate with your landlord in order to help share a portion of these costs to get free rent in the future to help offset some of your initial investment costs.
Check Out Neighbors
Ideal neighbors when you run a business will be ones that compliment your business, not compete with it. It may not always be easy to get the best complimenting business neighbors. However, getting a business space located next to big stores, restaurants and other entertainment venues can give your business a lot of extra customers who may not have visited your business otherwise.
Before you consider a location for your new commercial business space, you should check into the zoning restrictions for the building and area. Some types of restrictions to look into include restrictions on allowable operating hours, signage you can use and what type of business operations you can perform.
If you are considering more than one space for your new commercial business, compare what other costs and utilities may be included into the lease and rental agreement. Some leases will include things like maintenance, trash removal and real estate taxes. Some of these may greatly reduce your overall costs on certain buildings. Also check to see if you need to pay extra at the beginning of your lease. If you have to pay first and last month’s rent of the space, you may need to come up with some extra money to cover it. Many new business owners take out loans for small businesses to help cover the costs associated with opening a new location.
The safety of your business should be taken very seriously. You will need to protect your commercial business space, the products, your employees and the customers. When comparing different commercial spaces, look into what type of security is offered with the building. Are there security guards, cameras or alarm systems already in place? The parking area of the building should also be safe and have adequate lighting in place for the evening hours. Ask your insurance company beforehand about the estimated cost of insurance for each building you are considering for your new commercial business store. The amount of insurance can greatly affect your decision.