How to find the right space for your business

Location, location, location is the key to success or failure for many businesses. Where you locate your company depends on its industry (service or manufacturing), number of employees, rate of growth and target market, among other variables.  Some basic suggestions are:

1. Determine your “trading area.” This is the area from which people will travel to purchase your goods or service. Look at your market and demographics to help you pick a location that will best draw from your trading area.
2. Calculate how much space will you need. The space requirements for a manufacturing company will be different from that needed for an accountant’s office.
3. Decide whether to buy or lease the facility. Unless you have substantial resources available, it is usually better to lease than to buy.
4. Scout out suitable commercial areas. Try to get a sense of the character of the neighborhood and surrounding areas. Take note of the foot and car traffic patterns. It’s better to make your own observations before soliciting the advice of real estate agents.
5. Once you have selected several acceptable locations, enlist the advice of an agent. Tell him/her what you are looking for and explain the type of business you are going to open.
6. Visit the sites. Take notes on what you like and dislike about each location. Always bring a tape measure with you to be sure that the facility fits your business’s space requirements.