A business location isn’t one you choose on impulse, as it forms an essential step in creating a successful company. Believe it or not, your business location can quickly make or break your company. According to experts, a business’ location is one of the top reasons why new businesses fail. Finding an ideal business location requires significant research, planning, and a willingness to screen all available options thoroughly. So, are you thinking about opening a new business office? Do you want to find a place that’ll promote your business? Here are a few factors to consider when vetting your options.
How safe is the location?
Security is one of the first things you need to consider when choosing a business location. The reason for this is pretty simple – the safer the location, the less likely criminal activities like burglary, theft, and robbery. Setting up your company in a high-crime area means investing a lot of money in security solutions and influencing your insurance premiums. So, take the time to research any potential business location before making a decision. You can read reviews or crime statistics from various online platforms to give you an idea of what to expect.
If you decide to purchase an existing business online, it is equally essential to be mindful of its location. Today, it is easy to buy almost any business of your choice in some popular cities in America. It is best to ensure that you double-check the locations of the companies and how safe they are before you make any purchase.
How accessible is the location?
Even in the modern age of online solutions, accessibility remains a vital factor in determining the success or future of a company. Besides your target customer’s ability to find your office, it would help if you also considered local transport links, especially motorways and other main roads. This is particularly important if your business will depend on frequent deliveries. You also want to consider your future employees and how easy or otherwise it will be for them to commute to and from work, as this can affect business productivity. And, of course, your target consumer should also be able to access your location.
Besides being accessible, you would want to consider issues concerning “people or foot” traffic, especially if your business requires potential customers to walk into your physical office to enjoy your services. Foot traffic is essential to businesses like restaurants, gyms, spas, grocery stores, and the like. It is probably safe to assume that no business owner wants their establishment to be hidden away from potential clients. Even if you have the best signage solutions in place, you still need to position your premises in a way that maximizes foot traffic. However, if your business requires confidentiality, a low-traffic location should do you a lot of good. The best way to find out if a location offers heavy foot traffic is to monitor human traffic around the area at different times of the day.
Take a look at your competition
Another factor worth considering is your competition. Find out if you have competing businesses nearby and what products or services they offer differently from yours. In some cases, competing businesses can be an advantage, especially if most people in that location are in the habit of comparison shopping. Suppose other businesses around you offer the same products and services. In that case, you’ll probably be better off looking for a different location or finding ways to make your business more attractive than your competitors.
Consider your budget
Of course, it all boils down to what you can afford at the end of the day. One of your main priorities is to find a location that fits perfectly into your budget. Beyond the purchase or rent cost, you’ll also need to consider other components like renovation expenses where necessary, tax, required utility upgrades, etc. Furthermore, be mindful of other things like the minimum wage requirements of the location, costs of gaining permits, and other economic incentives. Taking the time to consider every hidden cost will help you make a more informed choice for your new business location.
Potential for growth
Be sure not to choose a location without thinking about the future of your business. Find out if there is growth potential. In other words, will your new business premises or location accommodate any expansion, business growth, or increase in demand? That means you will also need to decide if you are looking for something short-term or a long-term (or even permanent) location for your business.