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As an entrepreneur starting a new business, you have a long list of things to think about, including where your business will be located. As they say, “location, location, location” is the key. But there’s more to it than just the physical space.

If your business is completely online, you can skip looking for a physical business location. However, you still want to be mindful of where you’re technically conducting business, as those rules and regulations will likely apply to your business — even without a physical location. Mobile businesses, such as food trucks, or even home-based businesses, such as bakeries or eBay sellers, are some types of businesses potentially affected by locale.

Online businesses may still have to make physical considerations, such as: 

• Warehouses for inventory
• State taxes
• Residential management laws on home-based businesses

If you do plan to have a fairly stable storefront or office, it’s imperative to choose the location wisely. Of course, you’ll want to determine the commute from your own residence, as well as the market stability for similar businesses in your area. However, there are other, less-obvious boxes to check.

Unlike residential spaces, commercial buildings often leave repairs, replacements and improvements to the tenant. Keep this in mind when selecting a space. If you have to make substantial adjustments to the space to run your business successfully, you may want to reconsider. Add these projected renovations to the monthly rent to make sure you can safely cover it.

If you get into a longer contract, you have the benefit of not seeing much change in your rental price for your business location. If you have a shorter lease, be prepared for your rent to increase if you re-sign the lease. In any case, you want to stick closely to your rental budget. When you’re calculating this budget, include utilities and commute.

It may be hard to estimate what you can afford if this is your first commercial space. Often, the prices are listed per square foot, so this complicates things a bit more. However, there are ways to . Do your research, secure funding and do your best to estimate with a little wiggle room. Make sure to accommodate for off-seasons and times when your sales may be down. 

This step largely depends on the type of business you are starting. Numerous certifications, licenses and permits are necessary for different types of companies and activities, including some for business locations. Some of the most common are: 

• General business licenses
• Building and zoning permits
• Sales tax licenses or exemption certificates
• Professional licenses — such as food service, massage or auto dealing

When looking into the licensure for your particular business, it’s best to check your state’s website for its department of business. This will dictate what you need to operate legally in your location. Also check with local business laws in the community where you plan to set up shop.

Whether your business location is for a retail shop or an administrative office, plan a grand opening with an open house for current and potential customers and neighboring businesses. Starting off on the right foot with a welcoming attitude can go a long way in generating goodwill and kicking off your business opening.