When we talk about the recipe for building a great business, The saying; Location. Location, Location is often mentioned. Although Location is an absolutely important factor in choosing a business location, it is but simply a small part of a bigger puzzle.
Characteristics of a Good Business Location
A good location can mean different things to different businesses. There are many objective factors that determine the value of a location to a business. Most often than not, you may not be able to secure a business location that ticks all your boxes in terms of location and that is not an issue to be worried about.
Factors that most business owners keep in mind when shopping for a location for their business include:
Centrality: Whether the location is in a city or town is of value to the business owner and the type of business to be conducted there.
Neighbourhood: The neighbourhood the prospective business location is situated in is also of importance. The appearance, accessibility and amenities present in the neighbourhood have a huge part to play in subsequent decisions.
Development: Future residential and infrastructural plans in the prospective location is also a point of consideration.
Lot Location: It is important to consider the lot location. Whether the prospective space is on a busy road or close to the highway may be detrimental or be an advantage to your business.
Why a Good Location Isn’t Enough
Relying only on location is not a guarantee that a business will become successful. In fact, it’s only one part of what should be a larger and more comprehensive development strategy.Other Factors To Consider When Starting a Business
- Great product and service.
- Excellent customer service and customer experience.
- Marketing brand awareness strategy.
- Customer acquisition and retention strategy.
- Reliable and smart management.
- Healthy start-up capital.
Work With the Best Commercial Agent in Ottawa
You are not required to utilise a realtor when getting a space for your business. However, if you are opening or relocating to a new location, a reputable local realtor can assist you in learning more about the neighbourhood. They can also provide information on community activities and other topics.
Commercial real estate agents have superior knowledge on sales and leases and may be able to negotiate a better price on your behalf. If you’re looking for a new home for your business, My Ottawa Agent is your trusted partner for all commercial real estate and business needs in Ottawa. Contact us Today
Until next time,