Locate Your Business “Here” to Guarantee Success
9th December 2014
By: Jeff Jacobson
Location, Location, Location. It used to be the standard moniker for real estate decisions, but was always slightly off the mark. My moniker would sound a bit more like this:
As a Real Estate Investor and Developer, I have seen many projects fail because they didn’t have a balance of the above attributes. Projects at amazing locations have failed because of bad timing or lack of capital. I have also seen projects that had money and/or precise market timing fail because of poor location.
Clearly, we can’t always control market timing and/or the availability of capital, but the ONE thing we have a better chance of controlling is location. But what might be a great location for one business, might be a poor location for another.
When deciding where to locate your business, only one person knows best, YOU. So what should be your key decision points? Here are my tips for securing the ideal spot:
- Consider Commute Times: How long will it take you to get to or from the office on a daily basis? Too much time in the car or on public transit can take you away from real work. In addition, it might put you in a foul mood, which never helps. If you have employees, you will need to consider their commutes, as well. Even if you are running solo now, try to predict where your employment base will live.
- Love the Space: Entrepreneurs are married to their work and often spend more waking hours away from home. Ultimately, the space needs to make you feel good. If you don’t feel good about going to work everyday, you are in the wrong space. Make sure your work environment fits with your company’s culture and vision. Are you a work introvert or extrovert? Extroverts usually thrive in collaborative environments. Introverts might want more private space geared for contemplation instead.
- Coffee, Lunch, and Happy Hour: Smaller businesses have the benefit of being able to locate in almost any neighborhood (big business can only go into areas that can handle larger requirements). Don’t underestimate the importance of the local coffee shop, places to eat and grab a drink to celebrate the successes along the way. Not only will these things keep you happy, but it will be easier to recruit talent to a “cool” neighborhood.
As your company’s leader, your location decision will help dictate much of your future. If you can put yourself in a position to feel good about showing up everyday and make it easier to attract talent when needed, you are off to a great start.