One of the oldest rules for business owners is very simple: Location, location, location. Where you put your business makes a massive difference in how well it does and how successful you are. That’s why buying or renting the right real estate should be at the top of your list.
But how do you find the ideal location? Here are a few things to consider:
- What are the population demographics in the area? Are the people living there interested in your product? Can they afford it?
- How much competition do you have? Zoning laws mean you’ll probably be located close to other businesses, but that doesn’t mean they have to be direct competition.
- What are the costs that you’ll face? Start with the big ones. How much does rent cost? If buying the building, how many square feet can you get for your money?
- What are the related costs? It’s not all about buying the real estate. You also want to consider utilities, security, taxes, maintenance costs and much more.
- How visible is the space? If you want foot traffic and drop-ins, you need a place that people can easily find. If you more cater to people who seek you out through other means — on the internet, for instance — then it may not be as important to have excellent visibility.
- Do you like the location? Are you excited about it? How long is the commute? Is this an area that is trending up or down, and do you want to be part of that?
Once you find the perfect space, it’s important to know what steps to take to make the purchase go smoothly.