When the movie, Jobs, was released, the whole world was enthralled with Apple founder Steve Jobs, and wanted to know how he succeeded in creating a multinational technology company that dominates the global landscape today.
But the problem with movies is that they glorify the difficulties of starting your own business. They never focus on the actual issues that entrepreneurs face during the first few years of launching a startup.
In fact, according to a report published by the Small Business Association (SBA), eighty percent of startups barely make it through their first year.
One of the reasons why they fail is that they don’t have a proper business plan in place, but an often overlooked aspect is the location out of which businesses operate.
The type of location your business will thrive in depends on the type of business you’re planning to start. There are six types of real estate properties we recommend, depending on your business:
1. Corporate Startups and Organizations
If you’re starting an organization, you need a proper office space. However, the space you opt for depends on the size of your company and workforce.
If you have a small team, you might not need a large building; a small office in a good locality with zero crime rate and amenities nearby will suffice.
But if you’re running a multinational, you’ll need a large building in a central area with all the necessary amenities nearby, and access to public transport.
2. Retail Stores
If you’re opening a retail store, remember that 90 percent of retail sales worldwide take place in physical stores.
So the location and size of your store, the customer service you provide, and the quality of your products make all the difference.
Plenty of brands have outlets inside shopping centers, while others prefer to have stores in different areas around different cities.
But retail isn’t limited to shops; it also includes restaurants and cafés.
As mentioned earlier, the type of business you’re launching determines the location, and for cafes and restaurants to succeed, choosing the right area is extremely important.
For example, opening a high-end restaurant near a bustling office area may not be a good idea; but a small deli will thrive.
Industrial buildings are often located outside urban areas. This is because many industrial warehouses are low-rise buildings that are built on thousands of acres.
Businesses that focus on heavy manufacturing often rely on logistics. They need customized warehouses with special machinery. When looking at a space for your industrial warehouse, ensure that all the machinery you need can be transported to the space, and that your supply chain won’t be constrained by the location.
Looking For the Perfect Office Space?
If you’re looking for a commercial property investment opportunity, the agents at Macomb Commercial Real Estate can help make your goals possible.