- Factors that go into choosing a business location and questions that entrepreneurs should ponder
- For those starting or expanding a business
- Also a resource for Connecticut business location selection
When traffic flow spells the difference between success and failure, location is critical. The kind of business you are in, the potential market, availability of employees, the number of competitive establishments, and customer accessibility all determine where you should set up shop.
Assess your needs
Each business will have its own particular needs. You’ll need to determine what those are so you can see if a particular location lines up with your business model.
If you’re a business that relies on customers visiting a location, you’ll want to find a place where people can easily access your business. Popular downtown areas will generate foot traffic and drop-in customers, as will sites located near sites that see frequent visitors, such as office parks, colleges, and hospitals.
Other businesses may rely less on in-person customer visits, but still need to have certain amenities in order to succeed. These could include adequate utilities to support equipment or a place where supplies can easily be delivered.
Study a location
Check the demographics of a town or city, including age and income levels, to see if they line up with your target market. You can also consult with local business organizations for recommendations on which communities might align best with your business model.
Consider other businesses and industries in the region to determine what professions are most common. This can help you determine if the available tool of talent matches the required skill sets of any jobs you’re hoping to fill.
Similarly, you should look intoinvestment options in the area. Some communities may offer convenient proximity to investors and other sources of financing, or they may represent areas where investors are looking to support business growth.
Review individual sites
Once you start reviewing individual properties, you’ll need to contemplate a number of factors to decide if the building will fit your needs. These include whether it has the proper zoning, if it has the features you’ll need for your business, if it’s convenient to your commute and that of your employees, and if the lease is affordable.
Adequate space is one key consideration, but you may not want to pass on a site simply because you think it will be too small to support any future expansions. You always have the option of moving to a new location if the growth of your business necessitates it.
Look for a site that can support your own personal preferences. You might want to find a property that offers pleasant views or minimal distractions. If you enjoy stepping out for a midday break, a location offering easy access to lunch spots or a park could be beneficial.
Speak with existing business owners located in or near any commercial property you are considering. They can offer insights on the advantages and disadvantages of the site.
Consider going head-to-head with competitors. If they have already determined that a particular location is a good match for their business, you might decide that it can support your company as well. However, you might opt for a separate area if the site is already cluttered with similar businesses.
More: Find A Site in Connecticut
This platform provides a database to explore the commercial properties available in Connecticut.