The Importance of Business Location
by Bishop's Move, 14 June 2017
Choosing a location for your business, whether you’re relocating or starting from scratch, is not going to be an easy process. But don’t let the stress get the best of you and rush the decision – the impact the location will have on your success, whatever sector you’re in, should not be undervalued. Your business location will be your first form or marketing, and will directly affect operation costs and revenues. So here is what you should consider, and why.
Accessibility and visibility
Think about your customers, employees and suppliers – how convenient will the location be for them? Is it easily reachable by car, train, or bus? Is adequate parking going to be available? Even if you’re not in retail, locating your business on a busy street will maximise your sales, as it will increase its visibility. On the other hand, if you choose to locate in a run-down or remote part of town, your reputation will be negatively affected. People tend to associate popular areas with trustworthiness and reliability, so a more expensive but more visible location can be worth investing in.
While visibility is key, competition also needs considering. How many competing companies are there nearby? Could you benefit from the customer traffic, or are the nearby businesses only going to undermine your sales? In that case, locating your business in an area with few – or not any – direct competitors might help you attract more customers.
Consider your target market – what are their demographics? What are their age, gender, and social status? The number of people who come across your business is an important factor to success, but remember that they must also be the right kind of people. Inform yourself on the community living in your preferred area, and see whether it matches your target market. Also consider the presence of schools, offices, or universities in the area, which might attract a different customer traffic.
Your business will probably need an adequate electricity and air conditioning service, as well as a phone line and internet connection. Make sure the building you’re considering will be able to meet your needs – check with the agent or landlord on the state of wire conduits, the number of power outlets and the capacity of the circuits.
Rules and regulations
Last but not least, consider the rules and regulations of the area or country you’re planning to locate your business in. Local laws can affect taxes, construction specifications and permits, so make sure to be well-informed.
Regardless of the kind of business you’re pursuing, keeping these factors in mind will help you make the right choice of location, contributing to your success. If you’re relocating, you can contact our Business Removals team, and we will do our best to provide you with the perfect solution for your needs.