Setting up a business can be a stressful yet exciting time. While it’s amazing to see your dream of owning your own business and becoming an entrepreneur come to life, it can also be overwhelming to make all the decisions for your company on your own. And because all of these decisions will likely have a direct and immediate impact on your success, it’s important to take the time necessary to weigh your options and find the right choice for you.
One area where this is of the utmost importance is with your location. Brick and mortar stores live or die based on their location and the space they choose to occupy. So to help make this decision easier on you, here are three things to consider when getting space for your business.
Know What You Need
There are a lot of variables that should go into picking the right location and the right space for your new small business. Merely picking a place because it’s available and falls within your budget won’t always be a recipe for success. According to the U.S. Small Business Administration, it’s important to know what you need to have in and around your location for optimal success. Some of these things may include your brand image, your competitors, room for growth, and the location’s proximity to important suppliers or distributors. Make your own list of what qualities or characteristics your ideal location would have and ensure those things are accounted for before you sign a lease or make an offer on a space.
Learn The Site’s History
Once you think you’ve found a few sites that could work for your new business location, it’s time to do some research into each of those options. If the space you’re considering using has been home to a previous business, the staff of Entrepreneur.com recommends making sure you learn the history of that site and its former businesses. If a business similar to yours used to use that space but then went under, that could be a sign that this space may not work for you. Now, that business could have gone under for any number of reasons, but if it had anything to do with the location, that’s something you’re going to want to be aware of.
Make Parking An Issue
The reason you’re getting space for your new small business is to bring in more customers through foot traffic. However, Robb Mandelbaum, a contributor to Time Money, shares that if the site has a shortage of parking for patrons, that could be a big hit to your business. For this reason, make sure that there’s ample parking for your guests or space near your shop where visitors could park their car while shopping.
If you’re looking for a space for your business, use the tips mentioned above to find the perfect one for you.