Finding and Selecting the Right Space for Your Business

The path to finding the right place for Eternal Tides was… um… “challenging” to say the least. We toured 14 different locations, put in offers for four (rejected by three), and landed on a place outside the original concept. Having a great supporter in my real estate agent and a relentless optimism allowed for a great location to emerge. Choosing the right location is one of the most critical decisions when starting a business, as the decision impacts everything from foot traffic to operational efficiency: making a well-informed decision is key. Whether you’re opening a storefront, office, or service-based business, the space you choose should support both your immediate needs and long-term growth.

First, finding a real estate agent who understands your business is crucial. A specialized agent can help identify properties that align with your industry’s requirements, such as zoning regulations or proximity to key suppliers and customers. They can also guide you through the negotiation process, ensuring that you get the best deal possible (Sykes, 2021). Make sure to ask about the agent’s experience with similar businesses and local markets before committing. Eternal Tides was/is pioneering a new kind of business for our region, and working with an agent who “bought-in” to the concept allowed for meaningful discussions and helpful guidance along the path.

Next, know your specific needs. Do you require parking space, large windows for retail displays, or proximity to a highway for delivery access? Your space should reflect both the operational aspects of your business and the comfort of your customers and staff (Ward, 2020). The aquamation business has specific requirements from minimum ceiling heights to zoning (light industrial, if you’re curious), and knowing was half the battle. Write a list of absolute requirements and separate them from nice-to-haves to avoid overextending your budget.

Finally, assess your options thoroughly. Visit multiple locations and evaluate them based on your criteria. Consider factors like monthly rent (and be inclusive of CAM fees), utilities, maintenance costs, and any renovation/fit-up expenses that might be needed (Moran, 2022). Be sure to think ahead about how the space can adapt to future growth or shifts in your business model.

Selecting the right space involves more than finding an available property—it’s about choosing a space that helps your business thrive.

References

Moran, G. (2022). The right way to choose a location for your business. Inc. https://www.inc.com/

Sykes, A. (2021). Commercial real estate: Working with a broker. Business News Daily. https://www.businessnewsdaily.com

Ward, S. (2020). How to choose a business location. The Balance Small Business. https://www.thebalancesmb.com