You’ve probably heard that it’s all about the location! Whether you’re preparing to open a food or retail business with a storefront, finding the proper location might be the most important thing you do at startup. Selecting a business location is all about setting your new business up for success. Don’t just choose the trendiest building or the cheapest listing as you search for the best location for your business.
Factors to consider when selecting a business location
There are many factors to consider when finding the perfect location for your business. While cost is likely a major consideration, there are many other factors that are important to analyze in order to make your business successful:
You
Your new business space has to work for you. Is it an easy location for you to get to? As a business owner, you’ll likely spend a lot of time at your new business so making sure the location is convenient and the building feels right to you are important.
Accessibility
What type of customer does your business rely on? Is this location easily accessible for those you’re trying to reach? If your business needs to be highly visible, ensure you select a location that is easily accessible by car, bus or sees a lot of foot traffic.
Cost
Likely the most obvious constraint and determining factor. Chances are that you’ll probably rent rather than buy a space for your business. Make sure you research the average rental costs in your area and work to budget the amount that makes sense. You’ll also want to keep in mind what it will cost to move into the building and the sorts of accommodations or changes you’ll need to make to the building to get your business operational.
Reflect Your Brand
You want the location you choose to be a direct reflection of your brand. It’s important to identify who your customers are and how you can best meet their needs. What kind of demographic does your business appeal to and does the location reflect your brand enough to draw in your key demographic?
Zoning Restrictions
It can be easy to forget about the zoning restrictions when you’re on the lookout for a prime location but they’re very important. Make sure you look into the city’s restrictions when you’re selecting a business location.
Growth Potential
If you have big dreams of growing your business, consider finding a location that can grow with you. Moving to a new location can be costly and time-consuming so if you’re hoping for a long-term rental space, your location’s flexibility and ability to grow can be an important factor in your decision-making process.
Coverage for Your Business
No matter the location you choose, you’ll want to connect with a Farm Bureau agent to discuss your business insurance needs. Owning a business can be complicated and finding the right location for your business is no exception. Your Farm Bureau agent can walk through your location with you and help make sure you have the coverage you need when you need it most.