Key Factors in Choosing a Location for Your Business

You started your business from your home office and now you are ready to expand. More room is necessary for you to continue to grow so the search is on for that perfect workspace in your city. There are a variety of ways to conduct this search, including looking online, calling a realtor who specializes in commercial properties, posting requests on social media or driving through areas you are interested in, and checking for rental signs. Because you will be spending a large amount of time there, you want to make sure you pick a place you will look forward to seeing every day. Here are some key factors to keep in mind when making this decision. 

Accessibility

Finding a location that is accessible to your clients and customers is critical to your growth as a company. Check out parking lots and parking payment systems nearby, as well as possible street parking so that people coming to your business will not be hampered by a lack of parking. You want them to find you accessible and accommodating. You also want to make sure there will be adequate parking for employees in the future. The type of work you do will be a factor in deciding how much parking is necessary. If you are in a big city and have access to lots or garages, you can use this in your marketing to attract clients. 

Price

The money you have to spend on your new office should be a major factor in your business plan. It is vitally important to take time and plan what you can afford to spend on rent that will give you the room necessary to grow your business and generate higher profits. The first thing contacts will ask is how much you have to spend, so don’t let a shining new facility dazzle you into paying more than you can afford and answer honestly with what your plan is. The last thing you want to do is drain your business by spending too much on rent when better options might be available. 

Space

Another major factor affecting your choice of location is the amount of space you need. This is dependent on the type of business you do and your vision for growth. Your business plan should have a range of square footage acceptable for your needs so that you do not sign up for too much or too little. This directly ties in with how much the rent will be and should include all the necessary aspects of your type of business, including electrical and plumbing needs. Storefronts, warehouses, executive suites or business parks are all options you can explore to find the perfect fit for your plan. 

Neighborhood

Research the neighborhood of any properties that fit space, price and accessibility parameters to find a customer-friendly area that will attract the clientele you need. The perfect workspace for you to move forward in your business will be a combination of providing you the room you need at a price you can afford and where customers can reach you. Because choosing a location is such an important decision, take your time searching until you find the one that fulfills all these conditions. Including your location in advertising and marketing should be an attraction for clients and not a turn-off. 

Needing more space for your business due to growth is something to be celebrated, but before you start dreaming of what caterer to hire for your grand opening, make sure you find a location that fulfills all the parts of your business plan. Be sure it accommodates you and your employees, is affordable and gives you the space necessary for the products and services you offer. Now is the time to look into the future and imagine how you want your business to look and keep searching till you find the perfect space to make that vision come true.