Opening a business is a major milestone, but choosing where to locate your business can be vital to its success. Unless you run an e-commerce store, you’re likely going to need a physical location.
Choosing the Best Place to Open Your Business
While every business has different needs, there are a few things you should consider as you go through this process. Before you simply throw a dart at a map, here are a few steps you can take to choose the perfect place for your business.
1. Decide Whether You Will Buy or Lease
When you start or expand your business, you might have to figure out whether you will purchase a commercial property or sign a lease. Business advisors and accountants can help you determine which option is in your best interests, including the tax implications of either.
If you decide to lease a commercial property, be sure to understand and agree with all of the clauses in the contract completely. Whether you buy or lease, it’s vital that you work with a qualified professional that can help you avoid costly mistakes.
2. Decide on the Type of Property
Depending on the type of business you own, you might need a property with different characteristics. For example, a retail location is appropriate if you sell products. Office space will be a better choice if you provide professional services.
The different business premises you can find to suit your needs include:
- Retail premises
- Office spaces
- Shared commercial spaces, including co-working spaces
- Manufacturing plants, warehouses, and storage facilities
- Temporary spaces, such as pop-up businesses or market stalls
When you choose a property, make sure that you also consider the future growth and expansion needs of your business.
3. Choose a Location
Beyond the type of property you choose, the location matters as well. Some of the factors you should consider when choosing a location for your business include:
- The location of your existing or desired customer base
- Where your distributors or suppliers are located
- Access to major transportation and shipping services
- The location of potential competitors or complementary businesses
- An area that is growing with new business opportunities
- The cost of buying or leasing property in the area
4. When Changing Business Locations
Maybe you have an existing business and are looking to move locations. Some of the common reasons that your small business might want to relocate include:
- Lower costs – You might wish to move to a more affordable location to cut costs and improve your bottom line results.
- More space – If you are outgrowing your current space, it makes sense to move to a bigger location.
- Customer convenience – Maybe you’d like to make a change to improve the customer experience.
If you do decide to move, you can use the same criteria listed above to help guide your decisions.
If you choose the Charleston, SC area to open your business, Caldwell Commercial Real Estate can help. As a premier and trusted provider of commercial real estate and property management services, we have a combined 80 years of experience helping clients achieve their goals. Contact us today to learn more.