What are the three rules in real estate? Location, location, location! The same applies to business locations.
When starting a new business or a expanding your current business, there’s a lot more to consider than people think. You don’t have to let that get you down though.
We’ve got your guide to finding a good location for your business below.
Find Your Demographic
If you’re looking to open a new office or a starting business, you need to know your customers are there. If you were opening a large-scale farm store, you wouldn’t set up in a big city.
The same goes for businesses. Do your research about the kind of foot traffic and surrounding neighborhoods. If you’re a medical office, do you want to be somewhere with families and kids, or near a retirement community? Need help with this? That’s where brokers like Lee & Associates Central Florida come in.
In some cities in Florida, you can get both.
If you’re starting out and not sure, search on google maps. Are there schools or nursing homes nearby? Popular malls?
What about competition? If there’s a competitor in the area and they’re doing well, it’s a good sign, which leads us to our second point.
Stay By Competitors
It seems contradictory to haveyour business located near your competitor. The strategy goes back to the old saying, keep your friends close and enemies closer.
If you’re nearby your competition, you can figure out what makes them successful.
Are they running a special you can beat? Sometimes all the market research that takes is driving by them on your way to work.
Setting up shop near competition opens you up to their unhappy customers. Even the most successful businesses don’t have a 100% customer satisfaction rate!
Do you think Universal Studio’s proximity to Disney World was random? Nope, there are people who are die-hard fans of one or the other and those who are willing to try both.
The closer you are, the more likely one of your competitor’s customers is going to say “did you see that xyz that just opened up?” It’ll get word of mouth going.
Cost of Living & Quality of Life
When you’re looking for a good location, you want to find somewhere you won’t hate living (or visiting). Costs are also important because A high cost of living means higher rent, more competitive pay wages, and large utility bills.
Orlando is a great example of a good business climate and a great place to live
The many “bedroom communities” around Orlando that make the cost-of-living affordable for families and workers. Since it’s a central Florida city, there’s room to extend in all directions.
Once you’ve figured out the city you want to be in, make sure the location you have your eye on is zoned correctly for what you want to do.
Aren’t sure about zoning regulations or are researching from out of state? Find a commercial real estate broker that specializes in commercial and industrial spaces.
Let the Professionals Find a Business Location
They’ll have all the information you need to assess a location or suggest another. If you find a business location through an agency, they can connect you with other businesses in the area.
Not sure where to turn for advise or legal questions? Ask your commercial real estate broker if they have a contact or if they’ll refer you to another local business.
No one ever regrets working with a professional and expert in their field. It’ll save you a lot of grey hair and get your business on the ground a lot faster.
Still have questions? Call us to discuss some potential business locations in Central Florida. We’re here and waiting to help!
