Lost, frantically roaming around in the foggy mists! This is not the situation that you want your customers to be in when they are trying to find your business’s premises. In fact, what you want is the complete opposite! Yet, being able to be found easily is only half the battle when it comes to deciding where to locate your business. A topic you can find out more on in the post below.
Should your business have a physical location?
The first question to ask here is whether your business actually needs a physical premises at all. This is because many companies can do perfectly well without them, operating entirely online. Something that can help to keep running cost as low as possible as suggested at yo-kart.com.
Proximity to market
One of the crucial aspects of choosing the right location for your business is a site’s proximity to your market. Your market is the people that will be buying your product, your demographic to put it simply, and you will want to be in easy access of them if your business is to be a success.
Of course, there are different types of demographics to be aware of, and they will need different kinds of locations to match them. For example, if you are marketing your products to end users, retail premises in a high street or commercial park location that has high footfall will be best. Also, don’t forget about parking for this type of setup either, as end users are all about convenience these days!
Alternatively, if you are mainly aiming your business at retailers, then the prime retail location will be an unnecessary expense. Instead, you need to be looking for a place that is not only big enough to store stock in bulk but is close to supply and transport routes as well. Something that can make it much cheaper, and more efficient for you to get your product where it needs to go.
Economics of area
Linked into the issue of proximity to your market, you will also need to consider the economics of the area in which you choose to site your businesses premises.
In fact, there are two main issues to be aware of here. The first, which can apply to businesses retailing to end users, and re-sellers alike is whether there are any tax cuts or other financial benefits as mentioned in the post at usnews.com in suitable geographical location.
Also, there may be discounts that your business may qualify for at the particular site you are considering. In particular, look out for reduced or subsidized rent for the first lease term. Something that you may be able to secure in out of town industrial or retails parks, especially if another businesses’ agreement has fallen through and they are trying to fill the space quickly.
The second issue, which primarily relates to the retail trade is whether the location you are choosing is indicative of your market. For example, a characterful renovated building located in a town may be the perfect place for a boutique style store or salon because it will make customers feel as if they are buying into your brand’s identity of luxury.
However, business selling engineered mechanical parts to factories would have no need of such a location, and would even present a better image with a plot in an industrial estate instead.
Also, don’t forget the positive PR power of any locations that have an eco-friendly aspect to them, something that is only likely to grow in 2019 as the general public become more aware of the issues.
What that means is that any building product that is created on reclaimed land, or a site that was previously creating environmental issues and has been cleaned up can be worth its weight in gold in publicity. Also, any business that invests in renovating dilapidated buildings or sites especially well-loved ones that have any historical significance can do very well too.
Of course, this public good will also extend to business with locations and premises that include eco-friendly aspects such as sustainable forms of energy instead of running from the grid, like solar panels or wind turbines. Therefore if you are offered at a site that has these integrated or the potential to add them in, it is thoroughly worth giving it some serious consideration.
Cost of site and overheads
Money will always be a factor when it comes to business, and for small business, in particular, keeping site costs and overheads low are essential to their chances of success. That means you need to look into things such as ground rent, and building leases, including whether there are freehold or leasehold. The latter being something that renews every so often and so will need to be paid again if you plan to stay in the location during this period. You can even read more about this type of lease at definitions.uslegal.com if its a concern.
Then, as the post at smallbusiness.chron.com mentions there are other costs to consider such as utility supply including electricity, water, gas, and the now indispensable internet connection. All of which, believe it or not, can cost more in some areas as opposed to others. Therefore it’s crucial that you research this thoroughly and factor it into your overall decision on location.
Lastly, when it comes to overheads don’t forget to engage in a cost-benefit analysis of each aspect of the location you are considering. The reason this is essential is that while certain things such as the lease of a shop in a town center with excellent footfall, may be expensive, the benefit that it provides regarding a high customer rate is well worth the investment.
Another consideration to be aware of when deciding whereabouts to locate your business is whether the site already has a pre-constructed infrastructure that includes things such as accessible roads and paths, the right type of buildings, IT provision, and security as well.
In fact, choosing a site that has these things already set up can save a great deal of time, and so allow your business to hit the ground running and get your new location open a lot quicker.
However, it is also worth noting that even if you can’t find a property with all of these facilities pre-established, it is entirely possible to construct a customized site for your business.
In fact, it is even possible to do this on sites where the ground doesn’t seem to be ideal for such work. This is because companies like HelitechCCD.com can offer deep foundations with micopiling or vibratory stone columns that allow buildings to be situated in even the most difficult of spots. Something that may provide you with the freedom to choose a site that is not only well placed but also much more economically viable for your next business location.
Possibility for expansion and growth
Space is vital when deciding where to locate your business. In fact, for most companies, it will be about treading that delicate balance between having enough for their stock and the tasks that they need to do, but not having so much that it’s being wasted and so costing them unnecessarily.
People are also a crucial factor when it comes to business success, and we aren’t just talking in terms of the ones that come to your premises as customers here. In fact, you will also need people to act as your employees and staff your shops, offices, and factories as well.
It’s not just customers that need to be able to get to your location easily, but employees as well.
Of course, this means another essential location factor to consider is whether there is a suitable workforce in the surrounding area and whether they can easily commute to your property or not. What this means is that it’s necessary to look again at the economics of the location you are considering, as well as the social demographic, something business like demographicsnow.com can help you with, to see whether it would produce a viable workforce.