Where Should I Open My New Business?
Location can be a high determinant of what helps a business to sink or swim. This is where a lot of value comes in using a broker to locate the right property. There are a lot of questions that a broker will ask about a property. What is the walking traffic nearby? Is there a lot of parking available? For some businesses parking is critical, but for others it’s more important that there’s a lot of feet and less wheels. Demographics are important considerations as well. A dance club is going to want to be located in an area that is highly frequented by a younger crowd. Meanwhile a fancy (high-end) restaurant might want to be somewhere near a wealthier crowd.
A property can be used for almost anything, but most find it easier to move into a property already tailored to their business. For example, there are far less move-in costs for a Karate class going into a gym than if they went into a facility that was originally a retail store. But maybe there is a reason that the rent is so cheap. It’s probably because the previous Yoga instructor that was in the facility before you was having difficulty keeping business afloat. This is where the broker is of value. Use the broker to help weigh the costs and benefits of moving into a facility based on convenience and one that is properly positioned in the market place.