Where does my business come from?


Determining where your business and clients come from will help you decide where you
should locate your business. For example, a hair salon will not lease the same space as a
manufacturing company. Hair salons may depend on foot traffic, visibility and walk-in
appointments so it is important to locate in a shopping center, mall, or other retail corridor. On
the other hand, manufacturers may operate loud equipment, so they should locate away from
neighborhoods to avoid conflicts.


How much space do I need now and in the near future?


This question needs to be answered carefully. If you take too much space, then the rent
and cost to maintain that space cuts into profit margin. On the other hand, if you do not take
enough space, productivity and expansion potential can be limited.
This question has several other questions attached to it.
Including the following:
How many offices do I need?
How many cubicles?
Do we need a kitchenette/ break room?
Do we need a conference room?
Do we need a display area for our items for sale?
How many pallets do we store? How many machines do we use for operations?
How many parking spaces do we need?
How many bathrooms?
Do we need to be handicap accessible?
How big should my customer waiting area be?
Do I plan on expanding in the near future?
All of these questions are important to determine how much space your business needs.
Understanding the future of the business is important when determining how much space to
take as well. If you think your business has potential to expand, then you should tell your
landlord and ask them if there is a way accommodate growth, maybe discount the rent for a
larger space as you grow into the space. Also, if you plan on needing more or less space before
your lease term expires, it is important to inform your landlord so the landlord can work on a
solution as soon as possible. Deciding how much space to lease is a balancing act. On one hand
you need to make sure that you do not stretch your budget by taking too much space. But on
the other hand, you do not want to take less space and jeopardize the productivity of your
business.


Does the zoning work for my use?


Before setting up a showing, check with the town zoning ordinance to see if your business
fits with the current zoning on the property. Also check to see if the town requires applications
and building code standards for your business. For example, if you are selling tires on the
property, then you need to make sure the zoning allows automotive repair in the zoning and
you need to make sure that the building has sprinklers.


Do I need key features in the space?


Does your business require certain features about the space? If you are operating a
distribution center, then it is important to have loading docks accessible to your space. Or if you are operating a restaurant, most towns require you to have handicap access and handicap bathrooms. Understanding the key features are important to locating the ideal space for your business to grow and be productive.


What is my budget? Is my budget realistic?


There is no set formula to determine how much money your business spends on rent. It
is important to work with your accountant or financial professional to figure out a range for
your monthly and yearly rental costs. After you figure out your budget and your needs for the
rental space, meet with a professional real estate agent and see if your budget is realistic for
the demands of your space. If your demands are more expensive, then rethink your demands
and prioritize by listing what’s essential to operate the business and what isn’t.