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Though running your business from home might be a feasible option when you’re just starting out, as you grow, your business might require a new location. “Location, location, location” is a well-known popular phrase when it comes to real estate, and for good reason.
Your business location is just as important as your service or product offering. Therefore, choosing the right location is key, as this could ultimately be the deciding factor in your business’ success or failure. Here are the most important factors to consider when choosing a new business location.
Does your location support your business activities?
The new location of your business should be consistent with your business style and image. As Startups explains, the kind of space you need all depends on the type of business you’re running. A casual, laidback business would look out of place surrounded by formal, designer stores for example.
Equally, the population demographics in your new location are important. Are your target audience also situated in your new location? Consider who your customers are and whether your proximity to them is important.
Finally, when moving your business to a new location, do your research on the area. Take a look at the economic situation and whether or not this will have a healthy impact on your business operations.
Are you accessible?
Accessibility isn’t just important to customers and clients. Your new business location should be easily accessible to your staff and suppliers too. When it comes to location, look for areas that have strong transport links, sufficient parking and adequate roads. Inner city locations guarantee this but can be costly. For advice on different UK cities research
Consider your working days and hours and ask yourself if your new location supports this. If your building is surrounded by other businesses who are closed on the days your open, this might dissuade customers from visiting you.
Being surrounded by other businesses could also affect your business. If your business is scaling up, moving to a new location with plenty of restaurants or other services such as hairdressing might generate footfall for your business. At the same time, too much competition could cause problems to your operations – although this is an opportunity to build networks, and establish key relationships, as Forbes explains.
Consider all the costs involved
Of course, the cost of rent is important when it comes to choosing a location. However, there are many other costs associated when moving to new business premises. For example, are building maintenance or utility bills included in the rent or separate? Do you want to renovate your new space? Even the cost of moving can be pricey if you aren’t careful. Using a site such as Compare the Man and Van will allow you to find the best removal quote and dodge hefty prices.
Do you have room to grow?
The reason you’re looking for a new business location is to scale up your activities. So an important factor of your new location should be whether it will accommodate future growth or a spike in demand. If you want your business to remain there long-term, then this is not a consideration to overlook.
