Buying land for your business is a major investment, and it's important to make an informed decision before signing a contract. A good starting place is studying available metrics and demographic data to ensure your potential location is good choice for your business.
Discover three important types of data you should research before buying a commercial property, and why they matter to your long-term success. Also, learn how Aegis Insurance & Financial Services can partner with you to identify other risk factors to consider before agreeing to purchase land.
One of the most critical factors to evaluate before buying land for your business is the population and demographics of the area. These figures can tell you key details about the people living and working near your future business site, such as:
• Population totals
• Median age of residents
• Number of apartments and single-family residences
• Income brackets
• Crime statistics
This data is so important because it can paint a clear picture of whether your target customers live and work in the area. These figures can also identify future trends by showing current growth rates, current and future home development, your industry competition, and revenue projections for the region.
For example, if you plan to open a trendy bar or upscale restaurant, you're going to look for demographic data that shows higher populations of younger people with large disposable incomes. A children's retail store would search for demographic data for families with young children and many residential neighborhoods nearby.
Zoning Laws and Restrictions
All commercial properties are subject to certain types of zoning laws and local restrictions, so it's essential to research these before buying land. Zoning laws control what type of businesses are allowed in specific areas and neighborhoods, so it's important to know if your business would be allowed and if there would be limits on your business hours or operations.
For example, a bar or nightclub might not be allowed to operate near schools or places of worship, and a production plant or manufacturing business might not be allowed near residential areas.
Zoning may also restrict the size of a business, what types of materials are used in construction, and even impose limits on fonts, colors, lights, signage, and décor used for a business exterior. It's crucial to research any kind of laws or regulations that could impact your future business operation in that location.
Finally, the accessibility of the location is another crucial factor to consider. Your future business location should be easily accessible to your target customers, vendors, and employees, so you want a spot that has great access to roads and freeways.
Your business should be clearly visible from nearby roadways, have room for good business signage, and plenty of parking space. You should also study future traffic projections and any upcoming road construction that could impact travel to and from your potential location.
Let Aegis Protect Your Future Property
Before buying land for your business, analyze any regional metrics and demographic data available so you can know you're making an informed decision. This proactive step can ensure that a location is suitable for your business and improve your chances of success.
Aegis Insurance & Financial Services gladly helps companies researching future business locations or commercial property for possible expansions. Our experienced team of Commercial Insurance agents can help you identify risk factors and location metrics to consider, and offer Business Insurance expertise and guidance along the way.
Contact our team today at 713-850-7622 to learn more about our wide range of Business Insurance policies available for your new business property, or fill out our online form to request a free quote!