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What does it take to create a successful business? It’s a lot more than the exchange of goods and services for money. So much work has to be done behind the scenes in order to bring you and your audience together. A great deal of this is done all on your own, as you work to make the best possible decisions. This includes choosing the right location for your business.
Therefore, before you sign a lease or take out a loan, consider how these four factors relate to the commercial property of your dreams.
1. Proximity to Your Customer Base
Will your customers consider your location convenient? Or will they have to go out of their way to actually come and see you? You need to choose a location where you’re visible. Moreover, you need to be closest to the people who want to use your services.
For instance, if you want to open a kid-friendly recreation center or family-themed restaurant, you’ll want to set up shop near a school zone. Alternatively, set up in a neighborhood where lots of families live, not the industrial part of town.
2. Neighboring Businesses
Most likely, your business will be near other businesses. Take a careful look at what these businesses do. Moreover, drill down on what that means for your business. Are you competing, or complementing one another? A computer repair shop, for example, can do very well next to an electronics store.
That isn’t to say all competition is negative. Do you deal in an industry where customers will really want to shop around? For instance, when they’re buying a car? If so, positioning yourself close to the competition can be a guarantee that more people will stop in to ensure they know what the best deal is.
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If you’ve browsed JGM Properties commercial real estate, you know that you can easily ascertain what features will and won’t work to your benefit. Chief among these is safety. Is there a lot of crime in the neighborhood you’re looking at? This means you’ll have to spend more on security.
The condition of the building is a huge consideration when it comes to safety as well. Are there narrow staircases? Loose floorboards? Hanging wires? Do people have to park elsewhere and cross a busy street on foot to enter? Be very aware of what the risks are before committing.
4. Your Long-Term Goals as a Business Owner
The top consideration is always the future of your business. If things go as well as you hope, will this location still be ideal? Don’t plan for failure. However, do work toward growth.
Choosing a new location is a great time to assess how far you’ve come and start focusing on where you want to end up. Is there enough space? Are there features that support new areas of service you hope to enter?
Give Your Business a Fresh Start in the Right Location
It’s an exciting time for your business. Go after that fresh start instead of settling for more of the same. When you position yourself close to your customer base, keep an eye on safety risks, make the most of neighboring businesses, and keep growth a priority, you’re sure to end up in just the right location for your business.