When you’re choosing a new business location, start by considering your business’ specific needs. It is always tempting to choose a high-profile location, but, for some businesses, the exposure isn’t worth the price.
First, think about how important location is for your business. Some businesses, like most restaurants and retail stores, rely heavily on foot traffic. Those businesses need prominent locations because they count on customers coming in after spotting their signs and storefronts. Other businesses don’t need much foot traffic and may benefit more from a less prominent spot with more affordable rent. It comes down to a cost-benefit analysis.
Also, consider which areas and buildings are appropriate for your industry and your specific business. Do customers in your target market live and work in the area? Are there competitors located in the same shopping center? Do other area businesses complement the products or services you provide? Your business doesn’t operate in a vacuum, so it’s important to look into a rental space’s surroundings before you sign a lease.
In many cases, a variety of rental spaces will meet your business’ needs. When that’s true, you ultimate choice should depend on the terms offered by prospective landlords.