As much as many business mistakes can be corrected, a bad business location can be very hard or sometimes impossible to correct.
It’s fair to say that in business, we all make decisions based on information, intuition and probability mixed in with a little luck. which is not supposed to be.
Before you start looking out for a business location, you should have a clear picture of what you have and what you want to have. It will help you a lot in your considerations of a business location.
Here a few factors you might want to consider when choosing your business location.
Your type of business
You need to thoroughly understand the type of business you are establishing before you can choose a location that will better suit the style of business.
Is your business going to be formal or elegant? Your location needs to be consistent with a particular image or style. If you own a retail business, do you want a traditional store or an online store?
Establishing with competitors in your business industry could help guarantee you chose the right location for your business, But also, if there is too much competition, then it may be a warning sign to expand your horizons to a new location.
There are exceptions to this such as car dealerships who want to be near each other as customers compare and choose the best car deal, hence their close proximity.
Likewise, if you have an element of your product or service that is unique or offers some kind of new innovation, then choosing an area that already has a ripe market could be the ideal way to pick up customers very quickly and establish a presence in a new area in a relatively short time frame.
Your considered business location can increase your odds of being affected by crime, which in turn can influence your insurance premiums, as well as the additional security measures you made need to take to keep your premises safe.
Knowing the chances of crime in the areas you are considering is an important part of the decision making process. Looking at the environment and it’s crime statistics can help you make an informed decision about where to set up a new shop, office or warehouse.
Knowing the risks of potential criminal activity can help you better prepare and take adequate precautions.
Most obviously, you have to be able to afford the office, store shop or whatever business space you want to consider. The cost can be impacted by whether or not you buy or rent the property.
Also, consider whether your customeu8uj88rs and employees can afford it. For example, is there free parking or is it expensive? Will higher rent cause you to charge higher prices to your customers? What about taxes? That’s not necessarily a bad thing, but it is a factor to consider.
Potential for growth
The location you are considering has to be able to accommodate business growth or a spike in demand. A decision needs to be made as to whether the premise you are choosing is a short-term location or if you would like to stay there for the period of time. Consequently, a location’s flexibility could be a very important factor regarding the premises’ suitability for your business needs.
Whilst a perfect business location is different for every business, considering these crucial factors will certainly give you the best chance of beating the odds and keeping your business on track for future success.