Every ambitious business wants to set down its roots in a rising city. These thriving metropolises all aspire to be the next New York; to draw in corporate business and boost their economies far above the threat of meltdown. The practicalities of achieving this high-flying dream are heavy: whether you are set on finding a home for your up-and-coming startup or considering a new branch for your established business, you need to find a brick-and-mortar home for your venture. But this isn’t as easy as it seems; finding the perfect corporate real estate for a business involves factors beyond size and price. Here, I cover just a few of the considerations aspiring corporate tenants should take on before choosing a new location.
Second to location, the most important factor to consider is your target audience. Who are your primary customers and how important is their proximity? While this may be critical for your standard brick and mortar retail stores, its less significant for other types of businesses. However, you’ll still want to ensure that the surrounding population supports your customer profile.
Another demographic to consider is potential employees. How will they feel about the nearby school districts, recreational opportunities, retail stores, and other needs? The population of your potential community should have a stable economy that isn’t dependent on one industry, but will be a great place to support your business. Think of the local businesses, networks, and community members– would they support your business and its mission?
When looking for a corporate location, you’ll need to identify competitors. Depending on your industry, having competitors in the same location could be a good thing. That means the demographics of the location already support your industry. On the downside, it means you’ll have a lot of work to do to prove your business is better and catch the overflow of your potential competitors.
If there are no competing businesses, this could be a fresh start for your business. While no competitors seems like a good thing, it is something to caution if the surrounding demographics don’t support or need your company’s services.
If foot-traffic based customers are important to your business’s success, then proximity to other businesses is an important factor to consider. Ensuring your new location is close to other businesses will draw more attention and traffic to your business. From both an employee and customer satisfaction standpoint, you’ll want to consider restaurants, retail stores, and other businesses’ proximity to your corporate location.
Stemming beyond what the price of the potential property sale costs, you’ll have a few other financial factors to consider.
The cost of living in your potential location plays a large factor for your employees. Their salaries, the housing market, taxes, and other finances are important matters of their career and overall lifestyle. General business costs you’ll need to explore are utilities, possible rent, parking fees for your employees, and more. Business expenses are a large consideration for your new location as it will change with each area you search.
If there’s one thing that makes a business boom, it’s “location, location, location”. This is one of the most important decisions you can make for your business– no pressure, right?