If you're thinking of starting your own business, or if you're getting ready to change locations for your current business, you're probably anxious to get out the door and start looking at some properties. But rushing into a new location is one of the worst things you can do. You might get incredibly lucky and end up in the right place with the right lease terms — but you're more likely to land in an unsuitable location or sign a lease whose terms will make you miserable for the next five years.
If you're starting a new business, sit down with a pad of paper or a new document on the computer and begin thinking about the following factors that will impact where you look for commercial space:
How much can I realistically afford to pay for space?
How much space do I actually need?
Where do I want to be?
Your location is more than geographic. In a shopping center or mall, the availability of parking, the ease of getting into the complex, and your location relative to other stores are all very important factors.
Should I look at undeveloped properties?
If you're moving an existing business to a new location, your list of questions might be slightly different. After all, this isn't your first rodeo. But even veteran renters can make mistakes, so take a few minutes and ask yourself a few questions:
Why am I moving?
What benefits do I hope to gain by moving?
What's my least favorite thing about my current location?
What's the best thing about my current location?
What kind of space configuration and basic square footage do I need?
When do I need to move by?
Answering these questions will not only help you find the most ideal spot for your business and your budget, but will also decrease the time your commercial agent spends finding it for you!