Finding the Right Location for Your New Business

October 28, 2021
For a first-time business owner, establishing a space for your business is a monumental undertaking. Finding the right location and property partner during this process can set you up for success.

So you have a dream, start your own company, and become your own boss. Next up is finding a space to set up shop. As a first-time business owner, this can be an exciting phase — signing a commercial lease is a significant step and one of the biggest investments you can make in growing your business. Here are a few tips to consider when securing a location for your new venture.

Blog image.

Focus on Business Fundamentals

It is easy to get overwhelmed by all the different areas that need your attention as a new business owner — the key is preparation. As you get started, focusing on the basics and investing your time and resources in fundamental areas of your business can set you up for success. If you can get your initial investments right, it will lay a framework for prosperity for years to come.

Establish Business Plan
Creating a business plan is a foundational element of starting and managing your business. A good business guide will formulate a roadmap to structure, execute, and grow your new business. Here you will outline your goals and the strategies to achieve them. The U.S. Small Business Administration (SBA) is an excellent resource for business owners and offers a step-by-step guide to creating your business plan.

Develop Your Brand
Your brand is so much more than a logo. From hello to a successful transaction, your brand can shape your customer’s experience. Having a consistent brand in place is helpful as you reach decisions regarding signage and decor and begin marketing endeavors.

Understand Your Finances
With any business, before you open your doors, there will be bills to pay. A financial plan that outlines your start-up costs and capital needs is vital to launch successfully. The SBA offers a start-up costs tool you can use to anticipate your financial needs.

Research Your Location

As you seek a brick-and-mortar location for your new company, spend some time researching and understanding the area. Did you know that a leading reason for failure among new businesses is a lack of market demand? According to CB Insights, 35% of start-ups fail for that reason.

Look for a community with a favorable business environment for the type of company you plan to open. Does your customer exist at and frequent the proposed location? Are community preferences reflected in your offerings? A trusted property development partner can share perspective and experience when you’re faced with these questions. Considerations such as traffic, parking, and synergy among neighboring tenants should also be evaluated, as well as ensuring the property is appropriately zoned for your business activities.

Invest in Architectural Planning

As you narrow in on a location, investing in architectural planning is an important step as your business comes to life. Taking shortcuts in this phase can cost you in the long run with time and expense. You want to have confidence in your plan, and investing in this area early can help. The right property partner can assist you in architectural planning and crafting floor plans for your business.

Consider Schedules & Timelines

When launching a new venture, forecasting timelines is necessary. You will need to allot time for the permitting and construction process. Inevitably, unforeseen circumstances tend to arise. To make the most of your investment, look for a supportive property owner that can help work with your schedule to maximize your investment.

Find the Right Property Partner

Finding the right property partner you can trust can make all the difference during this exciting and sometimes daunting phase of starting a new business. With 70 years of experience in owning and developing properties, Paster Properties is passionate about helping first-time business owners succeed.

Chad Shaw, Vice President of Finance & Operations at Paster Properties, shares, “We want to work with people who have an entrepreneurial spirit. First-time and small business owners are the foundation of our communities.”

“There’s an element of excitement, seeing an idea come to life. To take a risk and watch a business knock it out of the park — that in and of itself is exciting to see it become so successful,” says Denise Tully, Executive Operations Manager of Paster Properties.

Thank you to the first-time business owners who have put their trust and dreams into opening their businesses at Paster Properties. Be sure to support a few of these businesses around the Twin Cities region.

7&41 Crossings - Excelsior
Legend Chiropractic

Doddway Shopping Center - West St. Paul
El Nuevo Morelos

Lakeville Crossing - Lakeville
Sweet Treasures, LLC
Alpha Spine Health & Injury

Mendota - Mendota Heights
Haiku Japanese Bistro

Sibley Plaza - St. Paul
5 Star Cafe
Etel Pharmacy

Texa-Tonka Shopping Center - St. Louis Park
Best of India, Inc.
Brito’s Burrito
Roots Chiropractic, LLC

If you’re looking for a space for your new business, check out our places page and reach out to the Paster team.


606 Washington Avenue N.
Suite 400
Minneapolis, MN 55401
(651) 646-7901