Finding the right business location can make or break how successful you are in the long term. You need to be researching the market, the competition, and your industry to make sure you are making the right choices to support you going forward.
With over half of the businesses dissolving in the first few years, the last thing you want is for your business to follow suit due to initial bad decisions. A poor business location choice can be one such particular decision.
So how do you go about finding the right building and location for your new venture?
Check your Needs
Each business will have different needs for success. Do you need ample warehouse space for e-commerce orders and deliveries? Or do you need an industrial area for manufacturing? The location of rental units will differ significantly from those businesses requiring better road access and space for deliveries and increased noise during operations. Do think carefully about wanting your business to be successful and factor this into your search.
Competition
You need to analyze the competition in the area of your business. Look at their location, building, and what works for them. Analyze their customers, footfall, and business relationships to help you understand the areas, the level of interest in their offerings, and their viability. What might be working against them can help you sway your mind to a new location or even choose to join them based on what works well for them.
Rental or Purchase
Next, you need to decide if you will be purchasing your building outright or if you will be renting a space. Working with the Largest commercial real estate company can help you to find suitable properties to rent or buy based on your needs and what is available on the market in your chosen location.
Planning Restrictions
You need to look into whether or not the location you choose has any planning restrictions or even development projects in the works, which can affect your ability to run your business in the future. Getting in on the ground floor of development areas can be a great opportunity; however, if there are limitations on what you can do and how you can change your building, it might not be the right fit for you.
Transport Links
How easy is the location to access? Can all your employees quickly get to you via foot, public transport, and car? Or will it be a hassle to make it to the location? If employees can’t easily reach you, then it’s highly likely that customers, suppliers, and clients won’t be able to find you with ease either. You need to look at the transport links and to look at the complexities of arriving at your business to help determine if this is the right space for your business.
Conclusion
Choosing a new business location needs to be done with forethought and planning to help you determine if the space is suitable for you and offer you everything you need to sustain your business and grow. Take your time, and don’t rush into the wrong decision based on the wrong factors.
