How to Choose the Best New Location for Your Business

A critical success factor for most businesses is the ideal location. Here are some tips for choosing the best new location when relocating your business.

Set a Budget

Decide how much of your business budget you can spend leasing or buying space. Then, look for locations that will fit within your budget.

Also, you should consider taxes and permit costs, which vary by locality and state. For example, you might save significant money by locating your business just outside a village rather than within it. Some localities offer incentives, such as tax credits, for certain types of companies located there. The federal government also provides incentives for locating in underutilized business zones.

Consider Your Brand and Service

Think about your brand and the demographics it serves. Then, research locations that will draw that demographic. You want to avoid locating a high-end boutique in a college or farming community where people spend less money on clothes, for example.

Also, consider locations that need your product or service but have few competitors. For example, if you own a daycare center, locate nearby families or large employers with no daycare options. Locating a retail business or service near complementary companies can also drive sales. For example, an esthetician might locate an office near a beauty salon or a massage therapist near a physical therapy practice.

Also, if you operate a retail business, consider the foot traffic in the area. You can judge this by visiting the neighborhood at different times of the day.

Research Zoning

Some neighborhoods are zoned only for specific business types. Check with the city or county planning department to determine the zoning requirements of the neighborhoods you are considering.

Consider Suppliers

If you receive ongoing shipments of goods, consider the location's accessibility for suppliers. Accessible locations may make acquiring raw materials faster and less expensive.

Be Safe

Choose low-crime areas where your employees will be safe and you can receive deliveries confidently. If customers come to your location, consider their safety, too. Install lights and video surveillance in parking lots, and consider whether you need offsite security.

Think About Employees

Finding good employees is essential to business success in most industries. Many employees consider the ease of their commute when deciding whether to accept a job offer. Look for locations near public transportation and commuting routes.

Also, look for locations that can offer free employee parking. If paid parking is the only option, consider whether you can negotiate discounts or validate parking for employees.

Consider whether the neighborhood is one where employees will enjoy spending their time. If employees have an hour for lunch, look for locations with various restaurants. Proximity to gyms, daycare, and other amenities can make your location even more attractive to potential employees.

The Bottom Line

Your best business location depends on many factors, including your budget, industry, customers, suppliers, and human resource needs. Often, the area you choose will best balance all these factors. We can help you plan and execute a successful move. Contact us today.