A Place to Call ‘Work’: Five tips for finding the perfect location for your business

Every business owner is familiar with the old adage that the three most important factors in a business’s success are ‘location, location, and location’. However, few people know exactly how to go about picking the right location for them and their business. Here are a few tips for choosing the right nest from which your company can soar.

Know your customer and their habits. The best business plan is to be located somewhere on the flight path of the customer you are courting. At the very least, avoid parts of town that they will find uncomfortable or unsafe. For some businesses, a large shopping center is the best choice, while others do best in a quieter, quainter setting. You will need a steady flow of foot traffic to keep products moving, and a good location is one way to bring that traffic in.

Sidle up to the competition. If you have a competitor who is doing good business in a particular area, that is the neighborhood that you want to be in. Why? Because some of those customers, who are already in the area and looking to buy your product, will probably stop at your store out of curiosity or convenience. In many cases, your competition has spent money to entice customers to visit your neighborhood for the product that you also are selling. From there, all you have to do is convince them to keep coming back.

Choose the best location you can afford—no more, no less. People are more likely to trust a location that is in a favorable part of town, and being in certain areas can bring enough foot traffic to justify the cost. On the other hand, while it is important to choose the best location you can afford, don’t go over your rent/lease budget to the point that it will compromise the rest of your business. No location, however wonderful, can overcome the challenges you will face if you end up trying to cut corners on products, services, or marketing.

Make a list of must-haves. Whether you need a certain number of bathrooms, ample parking, or a modern ambience, make a list of traits that your location absolutely must have in order for your business to be successful. Once you have this list, don’t compromise. There are enough commercial properties that the right one might come around tomorrow. Certain weak spots may compromise the success of your business, and it’s better to identify those before even looking for a place to call work.

Get professional help. A real estate agent or lawyer experienced in leases will help keep you from falling into many of the pitfalls that new business owners commonly experience. Nothing can replace real life experience; if you don’t have it, hire somebody who does.

Choosing a location may be the single most important decision that you make on your small business’s behalf. Avoiding the major pitfalls while getting a great deal on the property that is right for you can give you a huge advantage as a new small business owner. Let location be one of your advantages and not one of your advantages; educate yourself and get the location that is perfect for you.