Setting Up Your Office
Business expert Irene Dickey says that, “In the brick-and-mortar retail world […] the three most important decisions are location, location, and location.”
In this session, you’ll give some thought to where your business will be, whether it’s in an office, at home, or on the road.
Choosing a Location
Narrowing Down the Search
If your business is going to have a physical building, choosing the right location is crucial for your success. A good location should meet the following criteria:
- Close to where your customers live, work, and/or play
- Close to your competition
- Easily accessible by car, foot, and/or public transportation, depending on your market
- Appropriate demographics for your target market (for example, a skateboard shop in an area primarily composed of seniors may not be a good idea)
- Appropriate growth projected for the future
- No projected impediments (for example, a big box store that would undercut your business opening in the next year)
- Minimal seasonal variances
Finding Resources
A local real estate broker who is familiar with the area and business locations can be a great asset in your search. Be sure to find out what fees and commissions they require.
You can also hire research firms to provide information such as demographics, traffic, projected growth, etc. This can be very valuable in locations that are very competitive or quickly growing.
With a bit of research, and perhaps some outside help from these resources, you should be able to create a short list of three or four locations that look promising.
Asking the Right Questions
Once you have a short list of prospective locations, you can do some more in-depth research to make sure that:
- The area and building are zoned for your type of business
- The area and building meets licensing requirements (if applicable)
- The building has all the facilities you need (such as separate entrances for staff and customers, adequate washrooms, working areas, storage, etc.)
- The building meets workload and safety requirements for your type of business
- You can find qualified employees in that area
- The location is convenient for you to get to
- The neighborhood is safe and matches your image
- The location is well-maintained
- There is adequate transportation and parking for staff and customers
- There is room for delivery vehicles to safely pick up and drop off merchandise (if applicable)
- Your insurance will cover that location
- There is room for growth (either now or in the future)
- You know how long the lease rate is locked in for and how long lease terms are
- You know what expenses are included and not included in the lease
Then, you can interview the landlord, examine the space, and perhaps even talk to other tenants. Once you have made a decision, have an attorney review the lease contract before you sign it.