If you’re starting a business, one of the most important decisions you’ll make is the building you buy or rent for it to occupy. Choosing the wrong location for a new business can lead to considerable difficulties, and even make it harder for your enterprise to succeed in the long run. Here are three common traits of a great location for a new business.
Easy Visibility in a High-Traffic Area
If you have a new business, it’s essential that people be able to see your building and find you organically. Though you need to market and advertise aggressively, you’ll find that many of your initial customers are people who discovered your business simply by seeing its new location. With that said, it’s extremely important to find a building that is in a relatively high-traffic area and that can easily be seen from the main road.
A Good Maintenance History
Running your business is going to take up the majority of your time, so it’s a good idea to find a location that will distract you with a few maintenance headaches as possible. Not only should the building look good, but it should also have been kept up well in terms of electrical and plumbing infrastructure. That said, no building is immune to unexpected maintenance issues, which is why you need to have at least an electrician and a plumbing repair service such as Quality Plumbing picked out to handle problems when they do arise.
A Price That’s Conducive to Your Business
One mistake many new business owners make is moving into a building that is too expensive for them in the beginning. Though a large, modern building can be nice, it will also eat into your startup capital and increase your liabilities. Be sure that whatever building you choose fits into the real estate expenses in your business plan so that you will not end up sacrificing profitability in order to stay in it. If you do find a location that’s ideal but just a little out of your price range, you can try to adjust your business plan accordingly to see if you can make the expense work out in your favour.
If you find a location that has all three of these characteristics, chances are that it’s a good choice for your business. Nevertheless, you should still do some shopping around. The more buildings you can find that has all of these traits, the more selection you’ll have when it comes time to choose the one that will ultimately house your future business.