Whether you’re starting a new company or expanding your current one, you want to ensure that you pick the best location possible. Because not all commercial real estate is created equally, taking the time to look at every aspect of the space could mean the difference between failure and success for your company. Here are some things you can do to better ensure you choose a fantastic location for your business.

Determine a Budget

One of the worst things you can do when looking at real estate is not to set a hard and fast budget for the space. When setting the budget, it’s best to include:

• Monthly lease expenses
• Estimated utilities
• Renovation costs
• New equipment costs

You might be lucky enough to find a space that already has the configuration and the equipment you need in it, but you need to prepare yourself for the chance that you won’t and work the associated costs into the budget.

When you meet with real estate agents, make sure they understand your max amount for the property and know that you aren’t willing to see anything that costs more than that. Agents make commissions based on what they lease out, so they’ll likely push you to see the most expensive spaces. Remember that you call the shots and don’t need to see anything you can’t afford.

Know Your Must-Have’s

Every business needs different things to succeed, so you must understand what kind of commercial real estate you need for your business to grow. If you run an online-only shopping boutique, then you’ll likely focus mainly on storage space in a warehouse.

However, if you are looking to open a bakery, you’ll want a space with a kitchen, a small eating section, and enough storage space for all of your tools.

Additionally, 40% of customers have said that they’ll avoid shopping at a location if they have to park somewhere else and walk to the business. So, if you rely on customers, you want to find a location that has enough parking for the people coming to shop at your location.

Understand the Location

The location you choose can be a huge determining factor in your success. If you rely on customers coming into your store and end up choosing a location in the back of a business park, you likely won’t do well.

When you’ve found a location that you think could work for you, make sure you visit it multiple different times a day. It’s helpful to see what the traffic is like, how busy the neighboring stores are, and if any issues could negatively impact your potential space.