Choosing the Best Location for Your Business
Choosing a space to conduct business can be a time consuming and confusing process. You have to consider many factors, including how the space will be used for your business needs, cost, size, lease details, and so much more. Like with any real estate investment, the location should be at the top of this list.
The type of business you have will largely determine the best location for you. For example, choosing a site with heavy foot traffic is essential to customer-driven business such as retail shops and restaurants. On the other hand, an office building will need to be central for the employees who work there, and a warehouse distribution center will likely benefit being close to major transport roads.
Here are some things to consider that will make the search process as efficient as possible and ensure you feel confident in your decision:
- Do Your Research. Based on your knowledge of your customers, employees, or other company stakeholders, you should have an idea of which parts of town will be ideal. This may be a general region, or it could be narrowed down to a specific neighborhood or even a particular street.
- Make A List. Having a comprehensive list of everything you need and want in a space as well as your budget helps keep you and your agent on track when searching for your perfect business space. We also recommend having a separate list dedicated only to location requirements. For example, “must be within 5 miles of the freeway” or “must be in a well-established shopping center.” Setting these guidelines ahead of time will stop you from wasting time looking at properties that won’t be a long-term fit.
- Be Open Minded. While it’s great to have some an idea of where you want to be, you should also be open to other options. If you’re working with a local commercial real estate agent in your search, they may be able to introduce you to areas of town you haven’t considered but could be a great fit.
- Be Mindful of Your Potential Neighbors. This is a two-way street, and the neighbors around you can just as easily help or hurt your business. Young startups may benefit from setting up shop around other like-minded companies that can share ideas and even send referrals. Restaurants and shops should be mindful of possible competition but also of complementary businesses. For example, a chic boutique that sells active wear should be excited to see a yoga studio in the same shopping center. Bars and restaurants often benefit from others being nearby but should make sure they are offering something different than well-established businesses, or it could be challenging to gain traction.
- Don’t Be Blinded by Pretty Things. Have you ever heard of someone buying a home and not realizing the loud road behind their bedroom or the smelly waste treatment facility basically in their backyard? They probably overlooked these glaring downsides to a property because they were too excited about the high-end kitchen or great open floorplan. It’s easy to get enamored with details and begin picturing yourself and your team working in a space but remember to keep the bigger picture items top of mind, so you don’t find yourself in an unfortunate situation.
If you’re feeling overwhelmed as you search for the perfect place to conduct business, get in touch. Our team of commercial brokers are Lowcountry real estate experts, well connected and can help you with this process.