For any business owner dependent on local traffic, selecting the right location should be near the top of your priority list. Even the most cutting-edge products won’t guarantee profits if the traffic isn’t there. Here are some tips for helping you find the prime location for your business.
Demographics and Community
You can find tools or experts to provide analysis of locations nationwide, by municipality or down to specific areas. You can discover the median and percentile range of the residents by age, race, religion, income, and a number of other factors. This helps you decide whether there are enough prospects in your preferred demographic to buy your product and service. You can also discover anything that might be pulling in highway traffic, such as shopping malls, hospitals, or universities.
Don’t Avoid Competition
If there’s already a similar business near your chosen property, it isn’t necessarily a bad thing, even if that business is much bigger than yours. Being close to a very successful competitor can be an opportunity to observe how they operate and gain some new ideas. Their advertising may draw in traffic that would be interested in your similar product or service. Your competitors chose that property for a reason. You might be able to compete well enough to draw your fair share of the local market.
Check Your Finances
Before you can decide on any property, you have to evaluate the costs involved and determine whether or not it’s something that you can confidently afford and sustain. Apart from the upfront asking price, you’ll also have to worry about taxes on sales and property, insurance, local licenses and permits, competitive wages in the area, and ongoing maintenance costs. There could also be hidden costs in upgrades and remodels. Check with your local SBA office for possible grants or incentives.
Rent or Own
Leasing an existing space is always an option that can save you money and lower the financial risks of launching your business. Getting in touch with Hartman Income REIT or a similar specialist in commercial real estate in your area of choice could put you on the fast track to finding the right property. Property management or commercial office leasing services may list a variety of choices in a great downtown area at any given time.
Narrowing down your search for the right property will involve a lot of factors relating to your business needs. But when it comes to juggling traffic patterns and finances, you can find help.