that you understand your county or city zoning laws before signing on the dotted line, he adds, as you don’t want to find out later that the location wasn’t zoned for your type of business. Bryant recommends talking to a local real estate broker so that you can get the inside track on what’s available on the market and what the going rates are.
Target Market. When it comes to location decisions, Bryant says companies should first study their target market and make sure that their location of choice fully meets those clients’ needs. For some, that means setting up shop in a high-foot-traffic area. For others, it means positioning their locations near public transportation.
Before choosing a location for your new business or a new home for your latest branch, ask yourself the following questions:
- Have I reviewed local real estate reports to get an idea of availability and cost of commercial, industrial, and retail space?
- Can my company afford the rent and/or monthly expenses associated with this particular location?
- Is the location too close to any of my direct competitors?
- Will I have adequate access to inventory and supplies?
- Is the property zoned to meet my individual firm’s needs?
- How close is this location to the markets/customers that I serve?
- oIs there adequate foot traffic to support my operations?
- Are there parking facilities at or near my location?
- Is it near public transportation?