Most people go through painstaking research when choosing a new location to live. From small things such as the distance to stores and schools, to how busy the road gets, to what the neighbors are like–there are plenty of things that can make or break a home’s location. It’s much the same with commercial locations. Choosing a location that is the right fit is not only necessary for your own comfort and satisfaction–but for sustaining and growing the business. Here are some things to consider when choosing a business space for rent.
#1: Is It Consistent With The Brand Image
When looking at a particular commercial property for rent, the success of the company hinges on the location being a good fit with the image your company or brand would like to convey and maintain. Ask yourself who your target consumers are, and whether they would live in close proximity to the business space for rent. Look at surrounding businesses and determine whether your target customer would be drawn to this area or not based on the area’s overall draw. You want to choose a location where your business stands out in a positive way, but doesn’t seem too conspicuous or out of place.
#2: Is It Safe?
Safety considerations are absolutely essential for choosing a retail space for lease. You want to make sure your employees would feel safe in the building even if alone. If the space is split between other renters, make sure you feel comfortable with the people you will be surrounded by. Also consider the safety of the parking situation to make sure it is both practical and safe. Nearby and ample parking is the most convenient to customers and employees, and eliminates a long walk from the vehicle to the business. Most people feel safest parking their cars close to their destination.
#3: Are There Hidden Costs?
When looking at the price of a business space for rent, remember that the price on the paper is not necessarily all you will be paying. Look into the agreement to see if the tenant is responsible for repairs, maintenance and upkeep to the building including air-conditioning. Also keep in mind that the cost to lease will not include any renovations, decorating or changes to things like the IT system that you will most likely need to budget for. Things like renovations are hard to pinpoint exactly how much the cost will be beforehand, because unexpected problems may occur. It’s best to leave yourself some room to be flexible budget-wise just in case you encounter a setback.
Choosing a new location for a retail space can truly make or break a business. Instead of jumping on the first space that becomes available, take the time to weigh the pros and cons of multiple options to make sure you are picking a space that is cohesive with the image of your company, that will feel safe to employees and customers and that is truly within your financial means. Any additional tips are welcome.