If you’ve recently started a business, one of your biggest challenges will be finding a location. While you can operate out of your home for a time, it’s not sustainable in the long run, especially as your brand grows. Rather than cramping your style by trying to live and work in the same space, evaluate these three aspects and get a functional space for your business.
Financial Factors
The first thing to consider when you’re looking for commercial real estate is your budget. When you’re first starting a brand, you don’t have much money to spare. Most of your funds are dedicated to getting your products marketed and produced– you won’t have much left over for anything for the first year or two of your company’s existence.
When you’re shopping for property, look at rent and mortgage rates. Additionally, check on tax rates for the community. With the financial factor considered, you’ll be on your way.
Proximity to Customers
Next, you need to look at the site’s proximity to your customers. If you plan on doing business in person, you must evaluate travel times between your target clientele and your storefront.
Similarly, consider the proximity of the property you’re looking at and your suppliers. Small businesses need a lot of physical items to function. From paper towels to printer ink, shipping, and handling costs will factor into your location. If there are things you can’t have shipped, make sure your storefront is a feasible distance from your suppliers.
Safety and Security
The third thing to factor into your decision-making process when purchasing property for your business is safety and security. As a business owner, you not only want your property to be safe when you’re not there, but you also want your customers to feel safe when they’re shopping with you.
As you’re looking for a location to set up a shop, do some research into the safety of the neighborhood. Checking local crime rates, talking to residents of the area, and getting apps for the community watch can help you evaluate how risky the community around your potential property is. Part of running a successful business is evaluating risk; sometimes, the risk is literal.
Overall, buying property is a very involved and important decision for every business owner to make. If you’re looking for a physical location for your company, follow these three tips to help you weed out poor options from good ones.