Choosing the Best Location for Your Business – Top 5 Things to Consider

Has the time come to move your business to a newer, bigger and better place? To fully benefit from relocating your business premises, it’s crucial to choose the location very wisely regardless of whether you are looking for a commercial property to lease or to buy. Moving business takes a lot of time and effort, not to mention money, so the last thing you need is to find out that the new location doesn’t meet your needs. In order to prevent this from happening, be sure to consider the following 5 factors:

 

Competition

Are there many competitor businesses nearby? This is not necessarily a reason to look elsewhere. On the contrary, having competitors close by can actually be good for your business by stimulating innovation, compelling you to try harder and work better, and reducing potentially dangerous complacency, to mention just a few benefits.

 

Customer/client reach

Unless your business is based online and most of your customers/clients find you via the world wide web, location can make the difference between business success and failure. Before deciding whether to lease or buy new business premises, it is highly important to closely study the area’s demographics and ensure that your business is easily accessible for potential customers/clients. If you are hard or inconvenient to reach, they may look elsewhere, especially if competition is not far away.

 

Skill base

If you want your business to grow and expand, you will obviously need a team of highly skilled, dedicated and hard-working employees. Since there is a fierce competition not only for customers/clients but for workers too – especially skilled, knowledgeable and experienced ones – it’s of outmost importance to consider the local skill base before relocating your business.

 

The area’s image

 Does the location’s image reflect your business? Many areas are associated with particular characteristics, e.g. progressive, innovative, luxurious, affordable, etc. as well as less favourable ones including unreliable, low quality or even unsafe and potentially dangerous. For obvious reasons, you don’t want your business located in an area with a problematic reputation.

 

‘Extras’ 

Is there a restaurant nearby for your employees to be able to go to a lunch? A coffee shop or bar to have an after-work drink? Nursery? Parking? All of these and similar ‘extras’ will be highly appreciated by your employees as well as help you attract new workers.

John Andrew is the Founder and Publisher of Teens Mean Business & has been writing about small businesses since 2005.

Leave a Reply

Your email address will not be published. Required fields are marked *