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 of marketing, and will directly affect operation costs and revenues. So here is what you should consider, and why.
1. 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 business location can be worth investing in.
2. Competition
While visibility is key, competition also needs to be considered. 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.
3. Demographics
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. Research 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.
4. Building’s Infrastructure
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.
5. Rules and Regulations
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 you’re well-informed.
6. Changes in Corporate Strategy and/or Leadership
Depending on the nature of the organisation, business structure can vary. Some companies choose to have a central business location with meeting spaces whilst maintaining smaller offices in farther regions. This strategy allows businesses to target different geographic regions. Ultimately, when it comes to choosing a location, you need to consider what works well for your business.
7. City Dynamism
Governments in parts of Europe are shifting power to regional and municipal levels, potentially creating grants and business incentives. Tracking rising urban centres that foster business growth could present significant opportunities.
Picking a location is one of the most important decisions you’ll make for your business. The choice is not always an obvious one, and there are plenty of factors to consider. 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, our business removals team can craft the perfect solution for your needs.
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