How to find the perfect place for your business
When it comes to starting a business, you need to start with location. This matters a great deal if you need to consider future expansion and your capital.
Hitting all of your targets is crucial if you want your business to grow beyond its potential. Then again, you could end up in an area with high rent and low visibility to potential customers.
Picking a location for your business isn't something you can pull off right away. It requires proper planning, financing, and networking. The tips below should help you in your search for the perfect location.
1. Do your research
Part of making any critical business decision is doing intense research. You couldn't rely on gut feeling to find a location you think is ideal.
Gathering a great deal of information should protect you from uncertainty. You should also review local zoning laws and demographic data.
Find areas that offer the best median rates and foot traffic with ample access to public transportation. You should also check for tax rates and incentives you may be able to qualify for.
2. Know where your competitors are
As you find out more about the area, make sure to spot other businesses that are in the same industry or niche as you. These are your competitors who have already established a local customer base in the area.
You can choose to take away a chunk of the market share by opening your business, closing them, or placing your business strategically so it absorbs more foot traffic before it reaches your competitors. In any case, locating competitors should factor into your choice of location.
3. Consider the space you need
How much commercial space will your business occupy? Will it be a retail store or an office facility?
Knowing these facts about your business will help you find commercial buildings that can accommodate your equipment, workforce, and any prospect of future growth.
After all, it would cost less to upgrade to a larger space if your current location has vacant spaces you can absorb. Then again, you could also end up paying for underutilised square footage if you invest early in extra space.
Unless you are confident about your business's expansion, you are better off sticking to a reasonable budget.
4. Get help from the right professionals
Finding a good location for your business is difficult and you could end up setting up shop in a location that's anything but favorable. Your best recourse is to find a consultant who has inside knowledge of the neighborhood.
If you are looking to start your business in Los Angeles, find a consultant who specialises in finding the best space for your business in Century City and other neighborhoods and districts.
It also helps if you ask local realtors and chambers of commerce for additional data. That way, you can settle down and build your business without worry.
Location is an important factor for starting a business, and it also happens to be the most difficult to consider. As long as you do your homework and get help from the right people, choosing the perfect space won't be too much of a hassle.
