If you are conducting a property search for your business, you may think you know what the most important factor is. We’ve all heard it before: location, location, location, but there are many other things to consider that are just as or even more important than where you establish your company. Take a look at these suggestions to help you discover the right commercial property for your business.
Is Location that Important?
Surprisingly, where you locate may not be as important as you think. Where you need to be is dependent on what kind of company you have. If you rely on customer contact in a retail setting, location can make or break your potential for success. You want to be somewhere that is easy to find and accessible.
If you don’t see clients at your site, you may ponder a less visible building that is more convenient in other ways for you, your staff, or for other business relationships. If you don’t have employees on site and don’t expect customer visits, a home office is another option for you that can save on overhead as well as provide potential tax savings.
Is It a Good Fit?
When you are looking for a place to start or move your business, you want to make sure the space you are considering works for what you do. Do you need warehouse or storage space? Are you in food service or retail? Do you have a small office with a few employees and their desks? It is not easy to transform one type of business into a site for an entirely different industry. Look for places that may have already been outfitted with wiring to meet your electrical or communication needs to avoid the added expense of retrofitting. Don’t forget to look into the zoning ordinances for the location. You can avoid a quagmire of regulations by ensuring the site you want can accommodate your type of business.
Is It a Good Neighborhood?
Typically, an accessible area will have higher rent, but it may be worth it if that location will help your business grow. If you have a retail business, you may benefit from locating near similar businesses. Customers are more likely to visit an area that is convenient for them or provides the opportunity to combine trips or errands. Other factors that can influence patrons are parking, traffic, and safety. You want your clients and your employees to feel safe and comfortable in any setting. If it isn’t easy for consumers to come to you, they may not make the effort.
Is It Affordable?
You may have a budget in mind before looking at commercial property for your business, but again, you have options you might not realize. Are you interested in renting an existing space? Do you prefer to buy a lot and have control over construction and design? Are you open to leasing if your structure can be built to suit?
Location can definitely affect your expenses and overhead, but you may have more flexibility than you recognize. You may even find luck by stopping by the courthouse to get a list of business closings or property foreclosures to buy an inexpensive piece of property for your company.
Is It Really Out There?
If you are not sure how to find commercial property, you may want to look into consulting with a real estate broker to help you narrow down your options. It is also a good idea to hop in the car and visit some locations you may find appealing. Going in person can help you assess some of the other issues that may affect your business, including the traffic, competition, and overall convenience. If you want to see what is on the market without too much legwork, you can start your search online by looking at real estate websites.
Whichever approach you take, be prepared to act if you find something you like because a good spot does not stay available for long.
The content on our website is only meant to provide general information and is not legal advice. We make our best efforts to make sure the information is accurate, but we cannot guarantee it. Do not rely on the content as legal advice. For assistance with legal problems or for a legal inquiry please contact you attorney.