Choosing The Perfect Location For Your Business: What To Consider
If you are starting up a new company then determining where to set up shop is one of the most important decisions you will ever make. It requires a lot of research and a vast amount of planning. There are so many aspects you need to take into account. You need to establish a budget, you have to look at the demographics, you must assess your competition, you have to analysis your supply chain and you have to be up to scratch on all of the laws and taxes in the area as well. It can seem like you have a mountain to claim, but when your business is a success it will be thoroughly rewarding.
So, let’s take a look at some of the points of consideration in a bit more detail…
Make sure you team up with an expert company to help you navigate the market
The first thing you should do is make sure you liaise with an expert in the industry. A lot of people try to tackle finding office space themselves, however, this is ill-advised.
You need professional backing to ensure you are covered and that contracts are drawn up properly. Not only this, but this is the only way you will gain access to the best selection of offices as well.
Don’t overlook any legislation or planning permission requirements that are in place
You also need to think about any rules and regulations that may apply to the location in question. There are great companies out there that can help you with any legal complexities or matters, be it property planning or cultural heritage issues. Andrew Long and Associates can help you with the latter. They are cultural heritage consultants, and if you have any cultural heritage requirements within your planning proposal, it is imperative that you consult with experts to ensure that you adhere to everything that is required of you.
Establish a strict budget; make sure that you take the time to work this out and cover all costs
Of course, everything comes down to your budget. If you don’t stick within the amount you can afford then you are obviously asking for trouble from day one. Therefore, you need to sit down and evaluate your finances carefully and draw up a plan. Don’t forget all of the hidden costs. Rarely does an office come business ready. You will need to contemplate everything from IT products to decorating.
Always overestimate never round down. In addition to this, you will also need to look into any taxes you are eligible to pay. Yet at the same time, you may be eligible for government economic incentives based on where your business is located. There are many different types of financial incentives being offered so make sure you check out all avenues before you proceed.
What do you want and need from a business location? What are you looking to achieve?
When determining where to set up your business you need to think about your wants.
- Firstly, are you going to be in an area that will attract your target customer base?
- How will the area reflect on your brand image?
- Are the businesses within close proximity competing with you or will they complement your company?
- Are you in an area that is going to attract the labour you require?
- What about the future – Do you have good potential to grow here?
- Are you in close proximity to all of your suppliers?
These are all questions you need to be asking yourself. They may seem extensive but if a location can tick all of these boxes then you know you are onto a winner.
Spend some time doing research online to see what people think about the area
The Internet is a great place in terms of judging public opinion. You should do a quick search to see what people think about the area in question. You may even be able to get in contact with someone who already has a business in the area. They may be willing to offer you their thoughts and advice on setting up in the location.
All in all, choosing the right location for your business is imperative. It plays a monumental role in determining whether your company is going to be a success or not. So make sure you choose wisely! If you consider all of the points that have been discussed above, you should give yourself a great chance of finding the perfect location for your business.