70% of all offices are near restaurants and being close to their homes is the most important factor for employees. Even as the playing field changes with more remote work options, choosing a business location is very important.
Choosing the right location for your business means factoring in what is most attractive to both your customers and employees. The best business location for most operations is a centralized area with access to services.
You also need to consider the locations of your competition as well. Keep in mind that the best office location may be different from the best location for a fast-food restaurant. Read on to learn 7 business location tips.
- Know Your Type of Business
If you don’t understand the ins and outs of what your business does, you will never be able to choose a suitable location. For instance, if you have a restaurant, you should choose a location central to businesses and foot traffic.
You should also make sure that your location isn’t too close to other restaurants of the same type, or you may get out-competed. Do some research about what factors are most important to your business’s location.
- Pick an Accessible Business Location
For businesses in the service industry, you want to pick a location that is accessible from all parts of town. You may want to select a location close to mass transit or in the downtown area of a city.
There will be plenty of foot traffic in the downtown area as people go there for many reasons. Regardless of if you choose a centralized location or one on the outskirts of town, it should be accessible to your customers and employees.
- Pick a Location Close to Your Employees
The shorter you can make your employee’s commute, the happier they will be. If you hire from a specific area, try to find out where the majority of your employees live. Larger corporations can also think about company housing.
Happy employees lead to good job retention and increased productivity. By shortening their commute time, you will reduce your employee’s stress levels and get the most out of them while they are at work
- Choose a Safe Location
No matter what your business does, if you choose a location on the rough side of town, you will lose out on customers. People don’t want to travel to unsafe areas to conduct their business, and neither will your customers/employees.
Even if the cost of renting a location in a safer neighborhood is much more, you will make it back in the long run with increased customers. It will also be much cheaper than moving to a new, safer location if business is bad.
- Consider Parking Availability
Having plenty of parking is an important factor for both employees and customers. Nobody likes having to look for a parking spot in a crowded city. Consider buying some extra space for your business to use as an off-street lot.
If there is a shortage of parking in a downtown area, consider the trade-offs of moving your business to an area more on the edge of town. People may be willing to drive farther if they have a secure place to park when they visit you.
- Check With Zoning Laws
One of the important factors to consider when choosing your business location is zoning laws. You need to make sure that your business is legally able to be at your new location. Checking zoning laws is solid business location advice.
Sometimes you can attempt to change a land’s current zoning status. Expect to spend a lot of time and money to make this happen. You will also need a good lawyer. Common types of zoning are as follows.
Agricultural
If an area of land is zoned for agriculture, the only business you can open within its borders is something farm-related. If you are a farmer, this is great news for you. If not, you will need to choose a different business location.
Commercial
Land zoned as commercial is the appropriate type for most forms of businesses. From small bakeries to large office parks, commercial land is what you will be looking for.
Industrial
If your business is heavy industry-related, you need to look for land zoned as industrial. Anything loud, smelly, dangerous, or an eyesore fits the bill for industrial zoning.
Residential
You cannot open a business in a residential area most of the time. Some municipalities may make exceptions for small delis, restaurants, or other residential services but don’t plan on being the exception.
Another exception might be for a small residential office where you and a couple of close employees work remotely. Make sure to check with your town’s laws as some places allow no businesses at all in residential areas.
- Determine Your Long-Term Plan
How long do you plan to operate from your new location? Is this location going to be one you want to do business from for decades, or is it a more short-term situation? If you are going for the latter, you may want to lease office space.
For short-term situations, you shouldn’t invest a ton in new buildings and infrastructure. For longer-term situations, you may want to buy the land outright and build new structures to house your business for many years.
Choose the Best Location Possible
Having an amazing business location is one of the best ways to boost your revenue and make your business successful. People shop where it is convenient and safe for them to do so and employees like short commutes.
If you are opening up a new business, consider the 7 tips in this guide to help you choose your ideal location. If you put in the extra work and money for a prime location, it will pay off. For equally great content, check out our site!
