Finding your Best Location
Location is one of the biggest factors to directly affect your business. A thoroughly researched market analysis can help you to make a well informed decision regarding a move. Here are some factors covered in a market analysis:
- Demographics. Where is your target market? A demographics report will show where your target market’s population density in specific locations. Being close to your market can bring in a significant amount of revenue.
- Competition. Tell me who your major competitors are and I’ll make sure they are far away from your place of business.
- Traffic counts. Do you need high traffic areas where people can see your sign? Would your employees rather not fight heavy traffic on their coffee runs? A traffic count will give you an accurate assessment of the roads near your desired locations.
- Compare rates. How much extra would a space in that beautiful Main Street building cost? Different lease rates in desired locations will give you helpful price comparison information to help you decide on your location.
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5 Tips to Finding your Perfect Space
- Identify business needs
- Buy versus lease
- Specific industry considerations
- Planning and critical thinking
- Finding a commercial real estate agent
