How to Choose the Right Location for Your Business –
For property and business owners alike, the location of a property plays a key role in the success of the business. Industrial property owners want areas with additional hydro and water access, retail outlets desire more foot traffic, and office owners want access to public parking and the amenities that attract professional clientele.
The best locations often have a premium cost, depending on the local market, and those costs need to be carefully weighed against the benefits.
Following are three criteria to help with location selection:
Assess the Business Requirements of the Development Carefully: Every property owner has a wish list of what he or she wants in a property. This list may include access to parking, room for future growth and appropriate zoning for the needs of the business. All the features on your wish list have a cost associated with them. Determining what is necessary and what is not will allow you to narrow your search and find additional cost savings during the property acquisition phase.
Study Zoning Regulations: Zoning requirements vary by region, so research is required to determine if the business you envision fits with the zoning for the property you are considering. Industrial sites usually cannot be situated near residential areas.
Look to the Future: What will you do when your business grows beyond the space it is in? Will you be able to expand, or will you have to relocate? Is stability important for any future growth? The answers to these questions should influence the final location decision.