Choosing Your New Business Location: 5 Things To Consider
Pinning down a location for your business premises isn’t as simple as finding somewhere to live. A range of variables come into play when choosing where to set up shop for your business, especially if you are in the retail or food service industry.
This post examines what you must consider when choosing your new premises and why.
Location is critical and not just for those in the retail or the food service industry. You need to look at how accessible it is for everyone who needs to attend your location. This includes clients, customers, suppliers, and more. Is it accessible by foot? Car? Public transport? Is it easy to find and has ample outdoor space for things like parking or deliveries? You need to know what you need to make a good impression and ensure your location offers these things.
The location you choose can play a big part in how much security you need to consider and how you will be matched. Setting up in areas of high crime rates will mean that you need to think carefully about your security options and be ready for an influx of criminal activity, from broken windows to theft and even massive criminal damage to your personnel buildings and contents. This, in turn, can affect whether people want it to come out to your location to do business with you. When choosing your location, consider this to make sure you know any potential security options and what you need to be prepared for.
You need to ensure that your new building has access to the utilities and is connected to the infrastructure to allow you to get up and running more efficiently. New builds or regeneration areas might not yet be as fully kitted out as more developed areas, or you might need more equipment than is currently supplied. Knowing this beforehand can allow you to work with companies such as NTI Technologies Structured & Network Cabling to get the framework in place for your business.
Will the location support any expansion plans, or are you likely to need to relocate if you outgrow your site? While this isn’t a make-or-break factor for every business if you have experienced significant growth quickly or are planning for this possibility, you need to be confident you can expand in this location and what your options are. Be it adding to the building itself, making renovations to increase capacity, or purchasing neighboring properties, know your options before you sign on the dotted line so you know what you need to do should the time come.
For businesses, having competitors nearby is irrelevant, as is not having any in your vicinity. Competition could mean people are already frequenting the area for this type of goods or services, which can benefit you.
But competitors could mean disaster for others as an established business is already doing something similar in the area. While the area might be perfect for your needs, it could also be ideal for someone else who has already grasped this opportunity. Check out any competition in the area and how it will affect you and your ability to do business, especially in the retail sector.
Make sure you know your options when choosing your new business location and how easily it will be for you to get up and running. Your new premises needs to tick the right boxes, and you want those ticks to work in your favor, not against you.