Choosing The Right Business Location

As it has often been said in real estate, location is everything and the same can be said about locating a new business. Obviously, price is going to be a major concern when looking for a place to open your new business, but the potential for traffic flow should be the near the top of the location's requirements. Making sure the building is large enough and sufficient parking is available are all part of the equation, but before signing a lease or purchase agreement, you should check out everything around the business.

Many business fail simply because of their location. It is also harder to attract new business if your store or shop is off on its own in the middle of nowhere. Many businesses count on the traffic from other stores to bring traffic into their store. The next time you are visiting a big box store, pay attention to the smaller stores around them. Many of the big store's competitors will locate nearby as they know the big guns are going to drive a lot of traffic into the lot.

If the big stores does not have what the customer is looking for, there is a better chance they buy from you than if you were located in the middle of nowhere. Consider where you like to go on vacation, likely a popular destination with many different attractions, and apply that same logic to locating your new business. If your building is the only one for miles around, your business will have to be the destination for customers to stop in. If they do not normally do business with you, chances are they are not going to go out of their way once you open.

Your business also needs to readily accessible. Consider traffic flow in and out of the parking lot and how much trouble your customer might have trying to get to your location. On busy streets it may be easy to get into your parking lot but a real bear trying to get out, especially during heavy traffic times of the day. If you have any doubts, visit the location during peak traffic times and experience what your customers will go through. Some may not mind but odds are many are not going to feel the fight is worth the visit.

Also consider available utilities as in some more rural areas electricity may be the only available utility. Heating with oil or propane in the winter can be expensive, providing the delivery truck shows up on time and the quality of the water in some areas may be questionable at best. Although these locations may be less expensive, there is a reason the building is empty.

If you do find a favorable location in a crowded area, make sure you understand the borders of the parking lot. While business owners adjacent to other businesses cannot always control where their customers park, making sure you respect the other store's space will make for a better relationship among all the business tenants in the area.

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