Location, Location, Location
Buying a building that both allows you to succeed and reflect your business image may be one of the most important decisions you may ever make impacting the future welfare of your company. Recently, we have looked at multiple locations from warehouse and industrial to storefronts to converted churches for varied clients. This has prompted the question: How does a business owner choose the right location for their business without just settling for what is the best value?
Clearly, the first step is to work with a Commercial Realtor that you trust and who understands the market where you wish to locate. You should believe in your chosen realtor and if you do not know any on your own, rely on your Circle of Trust Advisors to recommend one. They need to have experience and knowledge of both your industry and your competitive market. Ideally, they also have the right connections with other established realtors. If your chosen location comes down to a bidding war, will their relationship with the seller’s realtor hurt or hinder your chances of winning? Do not overlook this aspect as people do gravitate to like minded people, this occurs in any situation and it could occur here. Having a realtor as a trusted advisor helps take away some of the often overwhelming impact that might accompany such a major move for your company. It should allow you to focus on the real question at hand, is this the right location and the right building for my brand?
Second, research the neighborhood. If the perfect building is in the wrong location, eventually this may catch up with you in the long run. You know your business best and you know where it needs to be to flourish. This is most important with retail or professional firms. Clients or customers need to be able to access you at their convenience, not yours. Keep that in mind when evaluating a location and be on the lookout for things such as public transportation, free parking, and ease of ingress/egress. If the surrounding neighborhood does not reflect your clientele, will they want to visit you there? Or does the neighborhood present new opportunities to expand or change your clientele? You are moving for a reason, is this location reflective of that reason?
And, last, but certainly not least, does the location feel right to you if you are to become its proprietor? Karma, feeling bonded to your location, can work wonders for a positive and inspiring work environment. Does it face south and receive sunlight, are there enough windows, is it a welcoming place? And, certainly, do not underestimate the importance of decorating your place of business in the colors that reflect your passion for your work. A happy owner is usually a successful owner. A simple litmus test is to stand out front of the location and look around, if that makes you smile and gives you a sense of pride, it may be the right place to start a new journey. If it creates more confusion for you, it may be time to rethink this location and keep looking. Trust yourself to know your brand and where it can excel and where it may be washed away within the view. Make this evaluation in the sunlight, a dreary weather day can alter the location’s true impact.
At the end of the day, you need to relax and enjoy your space, but above all, you need to be able to afford the location. Let it reflect who you are and make it work in your favor, there is no need to oversell yourself on affording a building that really is not in your financial wheelhouse. From day one, your clients will feel that anxiety of did I overbuild, can I afford this place, did I make the right decision. Find a compromise between what you can afford and the ideal location. Often location can be just as much a mindset as it is an actual address.
Location, Location, Location has merit when it comes to embracing your brand image and setting yourself up for future success. Put your personal stamp on it, relish the impact it makes in your neighborhood, and sustainably project a proud and vibrant image, your clients and your neighbors will surely take notice!
