Finding the right location for your business

Finding the right location for your business

11538688_sWhen starting an all-new company or looking to relocate an existing company in Chicago, finding the right location can directly impact the ultimate success—or not—of the business.

Many things can contribute to what makes a business location the right one and those can vary depending upon the nature of the business. However, the following considerations can apply to most companies when seeking that perfect location.

Traffic and accessibility

Getting customers in the door is a must for any retail or food establishment. As the U.S. Small Business Administration indicates, a generous volume of foot traffic can aid company growth and profits but should not be the only factor used. Ease of accessing the location by vehicle is also important which means parking could be a key consideration. Additionally, proper access for suppliers who may need to make deliveries is also important.

The fit matters

The volume of traffic or availability of parking are not the only things that should be measured here. The general fit of the environment to the business is also important. A business that caters to a more traditional crowd may not wish to shop for space in the trendiest area of town. Similarly, a nightclub is not as likely to do well in the midst of office buildings as it would in that trendy area of town.

Planning for tomorrow

Some locations can allow for growth and future expansion more easily than others. Businesses that may face a need for more space should eye spaces accordingly and even have discussions with potential landlords about the related options.

Assessing costs

Monthly rent is far from the only cost associated with a business location. Local taxes may apply and there may even be costs associated with renovations needed to make a space inhabitable by a certain company. Entrepreneur suggests that companies may be able to get landlords to assist with these costs and should talk about them clearly in the decision-making process as they can impact the ultimate revenue streams.

A new business relationship

The landlord-tenant relationship can be an intimate one and business owners should make sure that they can work well with their landlords. Building owners or managers will be the persons that businesses must rely on to keep their physical locations maintained or have repairs made when problems arise. Unkempt physical locations can deter customers and hurt businesses.

Making the right choice

Knowing one’s business and audience is step number one in the process of selecting the right business location. Help from a real estate agent and a business attorney can also be critical in locking down the best rental contract and moving a company forward.

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