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Business Forward: 5 Key Features to Keep in Mind When Choosing Your New Location

by Olufisayo
Key Features to Keep in Mind When Choosing Your New Location

Chances are, you already have an idea of what your best new business space will look like.

Some even dedicate a lot of time to narrowing down what they need in a location. Even so, you might not be factoring in some of the most important points that facilitate a smooth – even fortuitous – transition.

Here are five key features to add to your list of new business location must-haves.

Key Features to Keep in Mind When Choosing Your New Location

1. Size.

If you’re still in love with your old location, you might be tempted to choose a new one that resembles it in size and amenities. However, this does little to address your future goals. Is it your intention to accommodate growth? If so, a larger retail space or a location with more storage or office space should be in your plan.

If you want to refocus your business in the near future, imagine what that ideal location would look like. While you want a location for the business you already have, you also need one for the business you’re creating.

2. Budget.

Looking for locations can be costly. Instead of just focusing on the price of the rent or mortgage, always total up the complete cost of moving. How long will it take you to open? Is there a good chance you’ll hit the ground running, or is it more likely you’ll have to slowly build your way back up? Answering these questions has a great impact on the price that’s right for you; you don’t want to be sunk within the first six months.

Also consider that business insurance and business energy costs may be different dependent on location. You can compare business insurance and business energy here.

3. Accessibility.

When you’re perusing JGM Properties commercial real estate, always think of your customer base and your staff. Are you taking your team with you? If so, narrow your geographical location down and search within that. Moving too far up the road can mean that you’ll also be looking for whole new staff during this period of transition.

If you have face-to-face customers, you’ll want to be located in an area that demographic typically finds themselves.

4. The Surrounding Area.

 Is your new neighborhood built for business? These days, neighborhoods actually become trendy based on what they have to offer. Is your new ‘hood renowned for family friendly activities, fine dining, shopping, or nightlife? What do people do when they visit that street?

Are there schools nearby, highways, bars, or industrial areas? Do a Google Maps tour of the surrounding area, check out the reviews for nearby competitors, and visit in person to take the temperature.

 5. Management.

If you’re keeping your old location and opening a second – congratulations! You have a lot of work ahead of you, but you’ve already proven that hard work pays off. This means that you’ll require trustworthy management to take over at one of the locations when you’re not around.

Don’t forget to involve them in the moving process – it’s the best way to ensure they’re ready to assist you.

Finally, don’t forget to factor in what you absolutely don’t want. Sometimes, a space hits all of our marks, but comes with drawbacks. Make certain that those drawbacks won’t become deal breakers by examining prospective locations thoroughly. This way, you can be confident that your satisfaction with the location will extend way beyond moving day.

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