Whether you’re just starting a business or you’ve been in this game for a while now, you probably know that location is everything. Depending on the type of your business and the industry, location can sometimes even make or break your business. This is especially true in New York City and Brooklyn. Planning and thorough study are required to create a good business location strategy, as well as a desire to carefully consider all of your possibilities. To help you get started, we compiled a list of tips for choosing the right location for your business in Brooklyn.
#1 Decide On a Type of Location
The first step to choosing the right location for your business in Brooklyn, NYC, which has limited options, is to decide on a type of location. This means choosing between options like commercial business space, mobile space, or retail business. As a first step, this will help you eliminate many locations from the start.
So, whether you’re starting a business or just looking for a new spot, think of your needs and what makes the most sense to you and your business at this point. Don’t forget to also consider future developments that can also impact your decision. Moreover, Brooklyn zoning laws will almost always determine where you can put your business. Make sure you can legally operate your business in the place you want before you sign anything.
#2 Make Sure You Can Afford It
When choosing the right location for your business in Brooklyn, our second and probably most obvious tip is to only look at locations that are within your budget. Although it’s nice to daydream about what you might be able to afford one day, for now, it’s best you stay realistic. If you’re working with a realtor, set a clear budget and try not to budge on it too much. Also, when calculating the budget for your business space, don’t forget to consider other possible costs like bills and the cost of moving. Experts at Roadway Moving suggest getting an estimate on how much your office move would cost beforehand so you can calculate it within your budget.
#3 Consider the Foot Traffic
While you’re still looking for possible locations, make sure it’s easily accessible to customers. For example, if you’re opening a restaurant in Brooklyn, make sure it’s on a street that has plenty of foot traffic or a parking option nearby. On the other hand, if your industry demands discretion, you might not want to be around a lot of people. Make sure the amount of foot traffic outside a potential location matches your demands by keeping an eye on it at various times of the day and on various days of the week.
#4 Check Out the Competition Nearby
Here’s the thing: you don’t want to be second best on your block in what you do. If you’re opening a coffee shop, don’t open it right next to the other, cheaper coffee shop that’s a neighborhood staple. Instead, find a street with no coffee shops around it and with a need for the kind of service you provide. It will change your life.
While sometimes competition can be a good thing in business, you need to do your research beforehand to make sure you’re not setting yourself up for failure. So, if you find a spot that you like, make sure you research all the other businesses close to it that offer the same service. If you can bring in something different and fresh – that’s great! If there’s already a business way too similar to yours, try a different neighborhood.
#5 Consider the Demographics
In marketing, there’s a saying: “know your audience”. The same is true for all businesses. Think about who your consumers are and how vital it is for them to be close to your business. This is crucial for a shop and some service providers, but it might not be as crucial for other kinds of enterprises. This choice will be aided by the demographic profile you have of your target market. For example, if your target demographics are families, research neighborhoods with middle-class families like Bay Ridge.
#6 Consider Your Future Recruitment Efforts
Make sure your firm is located in an area where there is easy access to public transit or where potential employees will be drawn if you plan to hire staff and managers. Planning your site around where people want to work will help you attract high-quality staff, which is essential to the success of your organization.
Although your business might be small now, if you do everything right, you might see huge growth within a year or two. So, make sure you plan with enough space to grow. Of course, if your business grows out of its location quickly, you’ll probably have to move to a new location after some time again. In cases like that, don’t forget to hire movers instead of asking your staff to do all the packing and moving. While your employees might be capable of moving the whole office, pros can ensure a quick transfer and a much more seamless transition.
#7 Think Of Vendors & Suppliers
In order to avoid severe delays or recurring problems with inventory levels, you’ll need to choose a location that makes it simple for you to communicate with your vendors and suppliers. When weighing your alternatives, determine which location it makes simpler and less expensive for you to obtain the basic materials you require to function.
Choosing the right location for your business in Brooklyn isn’t easy. You’re probably not going to love the first ten or twenty locations you see, but something will pop out eventually. It will certainly take a lot of time, so try to be patient. Also, make sure you start planning your move as soon as possible to avoid having to choose a new location simply because you’re too close to the deadline. Instead, start location-hunting two months before the deadline, and work with a real estate agent to advance your efforts.