Business Real Estate Tips: Let’s Talk Location
In this article we will share another business real estate tip. Does location matter when starting a business? Learn why you need to consider location as part of your business strategy.
No doubt about it, starting a business is a huge decision. Not only do you need to have a great idea and the drive to make it happen, but you also need to pick the right location for your venture. With so many different places to choose from, how do you know which one is right for you? Here are a few helpful tips to help you make the best choice for your new business in the Tampa Bay area.
The Tampa-St. Petersburg-Clearwater metro area is among the strongest commercial real estate markets in the nation, according to a recently released report from the National Association of Realtors.
City or Town?
Do you want to be in a big city or a smaller town? There are pros and cons to both. In a big city, you’ll have more potential customers and more opportunities for networking and marketing. However, you’ll probably also have more competition. In a smaller town, there may not be as many people, but you may be the only one offering your particular product or service. Weigh all of your options before making a decision.
Cost of Living
If you’re planning on moving to a new city, make sure you know how much it will cost to live there. This includes things like housing, food, transportation, and healthcare. The last thing you want is to move to a new city and find out that you can’t afford it.
Business Real Estate Taxes
Do the math. Different states and cities have different tax laws, so it’s important to do your research before you make a decision. You don’t want to choose a location only to find out later that you’re paying more in taxes than you would have in another state or city.
Is there a lot of competition in your potential business real estate location? If you’re planning on opening a new restaurant, for example, you’ll want to choose a location that doesn’t already have a lot of other restaurants. The last thing you want is to open up shop only to find out that you’re not getting any customers because there is too much competition. Or, if you want to be included in a “restaurant row” location, be sure your menu differs enough from your competitors.
Demographics for Business Real Estate
When you’re choosing a location for your business, it’s important to research the demographics of the area. This includes things like age, income, education, and family size. Knowing who your potential customers are will help you choose a location that’s right for them.
If you’re moving to a new city, is the climate conducive to your business? You don’t want to choose a location that’s too hot or too cold for your business. For example, if you’re opening a snow cone stand, you’ll want to choose a location that’s in a warm climate.
These are just a few of the things you should consider when choosing a location for your new business. Remember, the right location can make all the difference in the success of your venture, so choose wisely!
HSW Associates, Inc. can help you make the right choice in the Tampa Bay area. We have been in the real estate industry for more than 40 years and have the experience it takes to find your new business location. With the right location, your business can thrive. Contact us today!< Back to Blog