23 Oct How Important is it to Find the Exact Right Location for Your Business?
As you can probably guess, getting the right location for your business is of the greatest importance to your success. But, the right location is more than just the part of town you choose and the street address.
Here are a few questions to consider when selecting the right spot:
Will I be able to handle the rent payment or mortgage? Answering this includes all the other financial responsibilities that go along with the building, such as utilities, permits and taxes.
What permits and approvals will I need for my business and are there any special rules or regulations specific to that area of town?
Will my business rely heavily on foot traffic? If so, how many people walk along the street in a given week?
Is the building itself right for the type of business I have? For instance, if you want to open a restaurant, does the building have a kitchen?
What’s the competition like? One neighborhood may not be able to support three sushi bars, several dentists or more than one yoga studio.
Will customers drive to my location? If so, does the building have plenty of parking? If not, can you work out parking in another way?
Would it be beneficial to locate my business near others of a similar type? A jewelry shop may work well near an antique store and a women’s clothing boutique, for example.
In general, is the neighborhood on its way up, or at least maintaining a level of prosperity?
Keeping these factors in mind should help you decide on the location that’s exactly right for your business, thereby increasing the chances of your business being a great success. Otherwise, selecting the wrong location in the wrong city with limited diverse population may instantly guarantee failure, creating more economic burden and hardship in the long run. The ultimate end result may possibly lead to closure of the business, which will take decades to overcome.
Whether you’re interested in buying, selling or leasing in the Northeast Los Angeles area, give me a call and I can help guide you through the process and help you avoid the pitfalls and errors that are a natural part of real estate transactions.
“Let us help you make an informed real estate decision on your next transaction. Whether you’re buying, selling or thinking of leasing commercial space or just have a few questions that need immediate answering, give us call. We are here to help you make the right move”.
Mike Tolj (323) 258-4946