Starting a business in NYC can be a fantastic idea – after all, the city is full of opportunities. However, one thing you should carefully consider is the location. Depending on the type of business you intend to run, the location can make or break your efforts. To help with this, we have put together a guide on how to choose the right business location in NYC.
Business location type
Before you start considering your location, you need to know what type of location your business needs. The typical options are: home-based, mobile, retail, industrial, and commercial. Do your research, and figure out what kind of business space you need. There are many reasons you should establish your business in NYC, but certain types of business locations come with certain drawbacks.
Caption: Knowing what kind of location you need is your first step.
Alt-tag: NYC cityscape at dusk
Make sure you have the budget
When choosing the right business location in NYC, you must ensure you have the budget to rent out a space. Especially in NYC, real estate can get pretty costly. And besides just buying or renting the space, you also have to consider the various hidden costs. Utility upgrades, taxes, renovations, minimum wage requirements, and economic incentives are some of the things you should pay attention to. Familiarize yourself with the hidden costs of running a business space. This will help you make an educated decision about whether you can afford your venture or not.
Think about recruitment
If your business requires employees, you will, of course, need to hire them. So, try to position your business with access to public transportation. Or choose a location that is attractive to prospective employees. Good employees are one of the vital parts of a successful business. And it can be pretty challenging to find a quality team when your business is in a spot where nobody wants to work. Also, you should prepare your onboarding process ahead of time.
Caption: Being in a convenient place can help with finding good employees.
Alt-tag: Two men shaking hands
Think about your brand
When considering the location of your business, it’s essential to consider what kind of business you want to run. For example, a company that revolves around office supplies probably wouldn’t do too well in a boutique district. Likewise, running an expensive restaurant in a college town wouldn’t work out too well, as most people there likely want to spend as little money on food as possible. As such, think ahead about what kind of brand you want to build, and go from there. There are locations suitable for almost anything in NYC.
Think about suppliers and vendors
Another crucial step when choosing the right business location in NYC: carefully consider if the site makes it easy for you to connect with vendors and suppliers. If your location is too inconvenient, you could run into issues with inventory. Or, you could experience frequent delays with goods or materials being delivered. The experts from brooklynmoversnewyork.com note that when they do commercial moves, the client usually chooses a spot with easily accessible routes. This way, they can ensure that they always have the materials they need to keep their business going.
Caption: Being in a good spot helps to avoid any unnecessary logistics issues.
Alt-tag: People shaking hands around a table.
Make sure the location is safe
When operating a business, the last thing you want is a break-in. The loss of goods or funds can be fatal in the business world. As such, you should research ahead of time and ensure the area is safe to work in. This is even more important when you consider the safety of yourself and your employees – especially if your business runs a nightshift or you plan to run a smaller firm. Being safe while you work alone is very important. Feeling safe while at work can also positively affect employee morale.
Prepare for the move in
Moving into an office can be very exhausting. There are a lot of things to consider and keep track of. So, you should try to find a good guide and prepare ahead of time for the process which awaits you. It is essential to know what you need: commercial office space requires a lot of documentation, so prepare it in time. Also, when moving your equipment into the office, it is best to hire a reliable moving company to have the entire process handled without any issues. Having your equipment damaged during the move isn’t something you want. So, check twice before hiring anyone.
Be where the demand is
In an ideal world, you want to open your business in a spot where there isn’t too much competition. After all, trying to break into a new market while it is already saturated with a specific product is extremely difficult. So, try to place your business in a spot where there is a demand for what you offer. Also, it is crucial to find a location in which surrounding businesses complement yours.
Look for places with parking options
One factor which can easily make or break a location is whether or not it has parking attached. Does your business have a convenient parking lot, and would customers be willing to pay for it? These are important things to consider in a business location as companies with good parking get much more attention than those without it.
NYC is an excellent place for starting a business. Sure, there are some risks, but the payoff usually more than makes up for them. And choosing a location is a big part of combating the risks. We hope you now understand how to choose the right business location in NYC, and we wish you luck!