How Do You Decide On The Right Business Location
As you prepare to find your next business location in South Florida, there are several preparatory steps to consider in order to ensure that you are making the right decision.
If location is important for your business, such in the hospitality or retail industry, every ounce of energy you spend on your search is worthwhile. The more time and effort you dedicate toward finding the absolute best location for your business, the greater the chance of its success.
Below are some tips to finding an ideal space in South Florida:
A high traffic area can mean the difference between a successful start and a bust. If your business needs a steady stream of traffic, make that one of your top priorities in your search.
Also consider the demographics of the traffic in any particular neighborhood to determine whether or not it fits your target market.
There’s competition everywhere, and you’ll have to weigh the advantages of a great location with the potential downside of a heavy supply of competitors nearby. A detailed market feasibility study will pay off here and help you accurately determine the potential demand of your business in a specific area.
Parking and Convenience
Is parking going to be a major headache for your customers, or will they be able to easily access the business? If there isn’t much parking directly on-site, is there a public lot nearby or public transit? Consider how a location with a potential lack of parking may impact your business.
Is it a relatively safe neighborhood? Are home and commercial real estate prices on an upswing in recent years, holding steady or declining?
Many neighborhoods of South Florida continue to boom and might be good choices for your business. Market, crime and pricing data is readily available to determine the quality of any neighborhood, along with the advice of your attorney and broker.
Every business has specific requirements for plumbing, electrical, space and other facility needs. If you are launching a restaurant, does the building have the proper zoning and facilities?
If you are starting a business in a building that needs to be repurposed for your needs, there will be a lot of details to go over with your contractors, broker and attorney to ensure that it is up to par.
These are just a few of the many considerations to take into account as you get your business off the ground. Pricing, lease negotiations, the possibility of future expansion, permits, and taxes are other issues of concern.
Don’t lease any building without first meeting with an experienced real estate attorney in Fort Lauderdale. Call Schecter Law at (954) 779-7009 for any questions about finding your next great location.