Finding The Right Location for Your New Business

Starting a business and need a brick-and-mortar location? Finding the perfect location for your new business is paramount for giving you the best chance of success. There are several factors to consider when searching for a commercial property.

Understanding what you’re looking for in your desired location and how it can serve your business will enable you to create the perfect base to realize your goals and dreams for your new venture. But what exactly does your search need to include?

Accessibility

How accessible is your location for the work you do? For example, do you have any transport links for accepting deliveries or sending your fleet on the road? Do the premises have space for expansion? Do you track foot traffic for retail businesses? And what type of clientele frequents the area? 

There are ideal locations for all different types of businesses, and what a warehouse needs will be inherently different from the needs of a new gym, an office-based business, a lawyer’s office, or even a manufacturing plant. The location needs to be accessible for the work you do, the activities you will be doing, and those who need to access the business, i.e., customers or employees.

Zoning

The zoning of your location can make life easier or more difficult. Different areas will be zoned for different types of sectors, meaning you can expect to find more purpose-built buildings and land even if your industry fits into the zoning ordinances. Zoning ordinances are regulations that control the use of land and structures within a specific area.

For example, some areas are designated for residential properties only, while ordinances can restrict the types of businesses operating in particular zones. Suppose you are building a warehouse and entering the logistics sector.

In that case, you need a space big enough not only to house your inventory but also to accommodate trucks or delivery vehicles arriving on a frequent basis. You need to ensure that you can make changes as required to an existing framework and construction, such as adding additional buildings or asphalt paving to external areas for added safety and functionality and to cope with increased footfall or vehicular use.

Taxes and Incentives

Taxes will differ from state to state, county to county, and even on a city level. These taxes and costs associated with operating a business can influence your decision to choose a specific location or eliminate it from your search. Always find out before agreeing to a lease or buying commercial property to ensure you know exactly what you can expect to pay in relation to taxes. 

Additionally, it’s essential to explore the various types of incentives that may be available. In some states, tax credits are available for small businesses or benefits for relocating to take advantage of incentives related to job creation, energy efficiency technology, or urban redevelopment in specific areas exist.

Understanding and considering these benefits will make you feel optimistic and motivated, as they can significantly reduce your operating costs. Look at what category you might fit into and consider the benefits of choosing premises with these factors in mind so you can take full advantage of tax incentives.

This is a contributed post.