Finding the Perfect Business Location

Every entrepreneur knows the old saying: "Location is everything." No matter how great your products or services are, if your clients can’t easily get to them, success will be hard to achieve. Don’t let a poor location hold you back – use these tips to find a prime spot for your business.

Know Your Neighbors

Before committing to a location, it’s important to understand the surrounding area. Take stock of nearby businesses, schools, healthcare complexes, and offices. These places can help drive foot traffic to your business. Karen E. Spaeder, a contributor to Entrepreneur magazine, suggests that colleges and healthcare facilities can attract a steady flow of people. Additionally, Irene Dickey, a professor at the University of Dayton, recommends using location analysis tools to understand local demographics, customer behavior, and nearby competition.

Convenience for Customers

When choosing your business location, think about your customers’ convenience. Is your spot easy to find? Does it have sufficient parking? Is it accessible via public transportation? Safety is another critical factor – choose a well-lit, secure area. Also, consider the specific needs of your clientele. For example, businesses catering to the elderly or disabled may need to provide additional accommodations, advises Scott Allen from The Balance Small Business.

Legal and Industrial Requirements

Each industry has its own legal requirements, so it’s important to verify that your business can legally operate in the area. Scott Allen also emphasizes the need to ensure the building is equipped for your specific business needs, such as power for heavy machinery or private meeting spaces.

Accounting for Growth

Look ahead and assess whether the location can accommodate your business as it grows. Can you expand if needed? For instance, if you're opening a restaurant or brewery, consider whether parking will become an issue as you gain more customers. Additionally, think about the logistics of deliveries and whether the space behind your location can accommodate delivery trucks, as Karen Spaeder suggests.

Factor in Expenses

Before signing a lease, carefully review the costs involved. Check for any necessary repairs or improvements to the building. Spaeder advises assessing the property’s wiring, lighting, HVAC system, and overall layout. If significant changes are needed, it may be worth considering other options.

A great location is essential for your business’s success. If you need help finding the right spot or negotiating lease terms, consult with a professional real estate agent or lawyer. 

Here to Help

At Five Star Bank, we are proud to offer small business services, tools and resources that helps your operations grow and thrive. Reach out to us today for advice and personalized support.