Helping You in Every Step of Your Real Estate Journey

Tips for Choosing Your New Location

Choosing a new location is perhaps the most important decision a business owner will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding municipal and provincial laws and taxes, and much more.

Here are some tips to help you choose the right business location:

Determine Your Needs

Most businesses choose a location that provides exposure to customers. Additionally, there are less obvious factors and needs to consider, for example:

Brand Image – Is the location consistent with the image you want to maintain?

Competition – Are the businesses around you complementary or competing?

Local Labor Market – Does the area have potential employees? What will their commute be like?

Plan for Future Growth – If you anticipate further growth, look for a building that has extra space should you need it, or potential to be relocated with ease.

Proximity to Suppliers – They need to be able to find you easily as well.

Safety – Consider the crime rate. Will employees feel safe while alone in the building or walking to their vehicles?

City of Calgary Resources

Zoning Regulations – These determine whether you can conduct your type of business in certain properties or locations. We can help to find out how the property is zoned and what uses are permitted.

VISTA – (View Information Specific to Your Application) Operated by the City of Calgary, the VISTA service focuses on delivering application-specific information to customers of Development & Building Approvals. Anyone who has submitted an application for a permit is able to log on to the VISTA website using their Job Access Code (JAC). This online service allows a customer to view a report on the status of their application.

Evaluate Your Finances

Besides determining what you can afford, you will need to be aware of other financial considerations:

Hidden Costs– Very few spaces are business ready. Include costs like operating costs, renovation, decorating, IT upgrades, and so on.
Taxes– What are the business and sales tax rates for your province? What about property taxes?
Minimum Wage– While the minimum wage in Alberta is approximately $15 per hour, other provinces may vary. View the Department of Labor’s list of minimum wage rates by province.
Government Economic Incentives– Your business location can determine whether you qualify for government economic business programs, such as province-specific small business loans, non-profit tax breaks, and other financial incentives.

Is the Area Business Friendly?

Understanding laws and regulations imposed on businesses in a particular location is essential. As you look to grow your business, it can be advantageous to work with a business specialist or counselor. Check what programs and support your federal and provincial government and local community offer to businesses. Many provinces offer online tools to help small business owners start up and succeed. Local community resources such as Small Business Assistance (SBA) Offices, Small Business Development Centers, Women’s Business Centers, and other government-funded programs specifically to support businesses.

Securing and Protecting Your Ownership

Buying and owning real estate may be a wise investment and a significant achievement, but there's no denying it comes with inherent risks. Common issues can delay or collapse your deal, making it difficult to secure financing, and add unexpected costs to purchasing and owning real estate. They can put your ownership into question—even years later—and threaten your ability to sell in the future. Fortunately, FCT Title Insurance takes care of the risks, letting you buy and own real property with confidence.

The Bottom Line

Do your research. Talk to other business owners and potential co-tenants. Consult your business community and utilize available resources, such as free government-provided demographic data, to help in your efforts.

Check Out These Important Business Links That We Recommend:

NAI Commercial Real Estate

Starting a Business

Calgary Zoning

City of Calgary Building and Planning

VISTA – (View Information Specific to Your Application)