Location, Location, Location – Finding The Best For Your Business
If you have a new business idea that requires a bricks-and-mortar store or an office, then you will no doubt have given some thought to potential locations. But even if you have already thought about a few possibilities, it’s really important that you consider them a little while longer so that you have chance to fully digest your options. After all, the location you choose could make or break your business.
Still not sure what would make a good location for your business? Here are some things that you should consider.
Commutable For Your Employees
The location of your business will need to be easy enough for all your employees to get there. If you are moving your business from another town and taking some of your workers with you, it should be close enough to local homes for sale and rental properties so that they don’t have too far to commute. If some of your employees don’t drive, you should also consider a location that is accessible by public transport.
Price Of Rent
You will also need to take into consideration the cost of rent. There’s no getting away from the fact that some areas and suburbs are going to be a lot more expensive than others. Sadly, it’s usually the case that a city center – the prime place to put your business – will be very expensive. So, you need to weigh up what means more for you and your company – finding a very cheap location to rent or getting a location right in the center of town.
Passing Trade
If you want to open a shop, you will certainly want to try and find a location that will benefit from lots of passing trade. Passing trade are all the pedestrians who will walk past your shop – the more people who walk past means that there is a higher chance of getting people just popping into your shop as you pass. You will find that if you open your store on a street that doesn’t get much passing trade, your sales could really suffer.
Address Prestige
Not all addresses are made equally, unfortunately. Even if you do land a location right in the center of town, it might be on a street or in a specific area that isn’t all that prestigious. This is often the case with areas that are slightly downtrodden or have yet to be gentrified. As a result, the address might not give off such a great impression to any potential new clients and customers who find out where you are. However, the rent will probably be super cheap. Plus, lots of undesirable locations often undergo gentrification anyway these days, so an area or suburb that isn’t so prestigious right now might undergo a makeover and become the next big thing in a couple of years’ time!
Hopefully, this blog post has helped you figure out a few things you need to look for in a business location. Just keep on hunting until you find somewhere that ticks all your boxes!
