Choosing the right location for your business is a crucial decision that can have a significant impact on your success. The ideal location will be accessible to your target market, have the space you need to work effectively, and be affordable – among other things. There are lots of factors to consider, whether you’re expanding or reigning things in a bit.
It’s an exciting time, but can also be a bit daunting. Here are some of the things you should be thinking about before you make any commitments.
Your Target Market
Without customers or clients, your business won’t last long. An office location might feel perfect for you, but how well will it suit your customers? You need to know:
- Where are your customers located?
- What are their demographics?
- What are their needs and preferences?
New Location Accessibility
Think about how your customers reach you. This is also tied into what kind of business you run. Physical and online businesses, for instance, have different needs.
- Is the location easy to get to for your customers and employees?
- Is there convenient parking?
- Is it well-served by public transport?
How Much Space You Need
As well as the purely practical demands of your business, such as if you need business storage space for equipment or stock, you need to think about the kind of space you personally like to work in. Plus, how much space employees need so they can work effectively and efficiently. Renting a tiny office won’t work if you feel cramped or closed in. So, consider:
- How much space you need for your business operations, including storage and equipment as well as desks and break facilities?
- Do you need room to grow in the future?
- Is the layout of the space functional for your business? Can you adapt or customise it if you need to?
Consider Your Budget
In an ideal world, money would be no object, but it’s pointless having a lovely big office if the overheads are gobbling up all your profits.
- Can you afford the rent? Go over the figures with a fine toothcomb.
- Are there any other costs associated with the location, such as business rates, VAT, or services and utilities? Some costs can be hidden so ask lots of questions. Straightforward and transparent contracts are available, such as flexible offices rentals, where you won’t have any unexpected expenses.
- Is the contract commitment favourable? A short, rolling contract might be an added attraction or boost your confidence to move locations.
Who and Where is Your Competition
Every business has its competitors, and that’s a good thing. Make sure you understand your competitors so you’re not accidentally putting yourself at a disadvantage. Find out:
- Who are your competitors? Can you name them?
- Where are they located? You might not want them directly next door, for instance – or maybe you do! Bears thinking about.
- What are their strengths and weaknesses?
Check Out the Local Amenities
Are there any amenities in the area that would be beneficial to your business, such as banks, restaurants, or childcare facilities? Having these services, and others, close by could be an indicator of the type of potential customer who’ll be passing by as well as proving useful to yourself or your staff during the business day.
Other aspects of a location to consider include its visibility to your target market and whether you’ll be allowed to display signage anywhere. You might also want to consider the potential for future growth and expansion.
Here are a couple of extra thoughts on finding a new location for your business:
- Start your search early. The process of finding the right location can take several months, so it is important to give yourself plenty of time to consider.
- Be willing to compromise. You may not be able to find a location that meets all of your criteria, so keep an open mind and decide what’s most important if you find choices need making.
As a final tip, don’t be afraid to get advice if you need to. Maybe you could do with some financial input, some alternative suggestions from fellow business owners who’ve faced similar challenges, or just someone to bounce ideas off as you weigh up the pros and cons of moving your business to a new location. Talking things through could be especially useful if you’re a sole trader, or maybe hiring staff for the first time.
Despite there being so many things to consider, don’t let yourself be put off or talked down.
If you have an existing business to move in the first place, you certainly have what it takes to meet the challenge and make things happen!
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