There is much to consider when choosing a location for your business.
When scouring commercial listing ads online, you will be taking such things as size, functionality, and rental price into consideration, for example.
Another important aspect to consider is the location. Get it right, and your business will prosper. Choose the wrong location, and your business might struggle.
So, with the location in mind, here are a few things you need to consider.
#1: The competition
Especially if you’re running a customer-facing business, you do need to keep the competition in mind. If you’re located in the same vicinity as your business rivals, then you will have a harder task ahead of you trying to reach the people in your locale. While you could beat the competition with better business premises and a more attractive price point on your product or service, your better bet is to locate your business away from your rivals. By placing yourself in a locale currently untouched by a similar business, you have a better chance of attracting customers to your cause.
Your business needs to be accessible for your employees, so it’s no good opening premises on a route that isn’t easily commutable. The same applies to your customers, of course, as if you aren’t on a bus route, and if there are few car parking facilities, you might not get very many people visiting your business. And you need to consider your suppliers. If you are reliant on shipments to stock your premises, your business needs to be accessible to heavier vehicles. So, don’t open your business in a remote location. Check out nearby roads and consider the commuting options before signing any property agreement.
#3: Safety and security
Think of this in a couple of ways.
Firstly, consider the crime rate in the area you are considering. While you can protect your business with shutters and security cameras, you might still want to choose a location that doesn’t have a high crime rate for the security of your business and the safety of your employees. You need to remember the safety of your customers too, of course, and the fact that they might not visit your business if crime is a worry to them. Check local crime statistics, and take a walk around any possible business locations to get a feel for the area.
Then think about any environmental issues. Opening a business in areas where there is a risk of flood or seismic activity might not be a good idea. You can insure yourself, of course, and you can buy or rent premises built to withstand any environmental problems. Check out these concrete tilt-up buildings, for example, which have been built to mitigate the risks of a seismic event. However, you might still decide to choose a location where risks can be reduced further, to prevent both environmental and financial damage.
You want your business to succeed, so finding a location where your business can prosper needs to be your priority. Factor in everything we have covered in this article when you’re hunting for a property, and do your due diligence before committing to a location.