When you are starting a business, one of the most exciting steps is finding the location. It makes things seem really real. It can be a very vindicating, motivating event. It can also be very stressful as there are many decisions and considerations to be made. These five are at the top of the list.
1. Build/ Buy/ or Rent
Are you going to build your own building? Do you intend to find a building to buy? Maybe you just want to rent for now. This decision will depend largely on what is available, cost, and your real estate financing options, or lack thereof. In the beginning, it is best to keep an open mind and keep your options open. You may find the perfect location but need to build the building on the land there. You may find an excellent building for sale, but qualify for the real estate financing to purchase it. Renting may be an option if there is something suitable available. Whatever the case, do not make up your mind until you see what is actually available to you.
You do not want to be located too close to competition, but you also want to be certain you are just as easily accessible as the competition. A bakery or frozen yogurt joint should not open up right beside another of the same type of business, but if the competition is in the biggest, busiest shopping center in town, a location that is just as prime should be found.
3. Ease of Access
Your location should be easy to access for both customers and suppliers. You do not want something that is hard to find or to get to.
4. Tax Considerations
If you are going to purchase land, a building, or both, you want consider real estate taxes. If you can move just over the county or city line and lower your tax expense while still having a prime location, it is worth thinking about.
Be certain that your location is zoned for your type of business. This can become an issue when rezoning happens. Never assume anything when it comes to zoning. It changes, and it doesn’t take long to check it out. Better safe than sorry.
Once you have the perfect location, if you decide to purchase, Biz2Credit can help you find commercial real estate loans. Our network of over 1,300 lenders offers options for all types of borrowers. Visit Biz2Credit.com today for more information.