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Starting a business? Choosing the right location is key.

There are many things to consider when starting a business, and one of the most important is choosing the right location. Location is the key element in any real estate transaction, and, like buying a home, it is important to put the effort and time into researching, budgeting and making the best choice for the success and longevity of your Massachusetts small business.

What does your business need to succeed?

When choosing the right location, there are multiple factors that you must consider. While money is always a critical issue in a major real estate transaction, the cheapest option may not be best. Budget is key, but it is important to also think about these things:

  • Is the location congruent with your brand?
  • Are there too many competitors near the property?
  • Will the property provide you room to grow and the opportunity to expand in the future?
  • Is it in a safe area?
  • What are the zoning restrictions for the property?

The answers to these questions will help you determine if that particular piece of property is ideal. In addition to consulting with trusted friends, investors and business partners, it can also be useful to talk with an experienced attorney before making a decision of that magnitude.

Do not forget the hidden costs

Besides the actual cost of the property, there are other expenses associated with purchasing property for your business. Failure to calculate the hidden costs could be detrimental. You can avoid these unpleasant surprises by making sure you know about the following:

  • Renovation costs
  • Sales taxes
  • Extra costs of operation, such as employee wages
  • Any government incentives for your area
  • Insurance costs

The building or piece of land may be less expensive, close to your home or require little or no renovation, but what if it is not in a business-friendly location or comes with structural damage or other issues? What you budget to pay for your desired business location should also allow for contingencies.

Protecting your legal interests

Choosing a location for your business is much more than a financial decision, it is a choice that will impact the direction of your company for years to come. As you work to make your business successful and lay the foundation for profitable growth, it is essential to have knowledgeable guidance providing support and helping you make the best decisions possible.

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