5 Things To Look For When Choosing A Business Location

by Klaus on January 15, 2019

in Articles

Despite the increase in technology and enterprise, there is always going to be a need for bricks and mortar presence, whether it’s for your staff, to store stock or to provide a physical presence for your customers.

There are many things to consider when choosing a location for your business premises, whether setting up an office or shop for the first time or you are looking to expand into new areas. The right location can make or break your business’s success, so here are 5 things to look for when choosing the right location for your business.

Accessibility

Does your business rely on receiving frequent deliveries? If so, then it is important to consider transport links and local roads, particularly the main roads and motorways. Rental property and purchase prices can often be steeper when in higher density and in more commercialised areas, so there are definite benefits when seeking an out-of-town location.

However, if you rely on customer footfall then ensuring that your business location is accessible by car, train and bus are all important considerations. Your employees will also need to be able to get to the business without lengthy journeys or connections. A good location is a critical factor when it comes to recruiting the right people for your business, particularly if they have several offers and need to evaluate the pros and cons.

Security

Your location can increase the odds of your business being affected by crime, in which this can impact on your insurance premiums as well as the additional security measures you will need to take out to keep your business safe.

It’s fair to say that, in business, we make our decisions based on intuition and information. But, knowing the chances of crime in the areas where you are considering is an important part of making the decision. Knowing the risks of any potential criminal activity in your area can help you prepare and take precautions.

Growth Potential

Moving premises and location is a huge upheaval and one which can be costly and time-consuming. You should make a decision on whether the location and premise you are choosing is a long-term commitment or a short term location. A location’s flexibility and attraction should also be an important factor when considering the premises’ suitability.

Many cities in the UK are becoming more popular locations for setting up businesses. Many are moving away from the costly expenses of London and heading across the country to make the most of the business opportunities in other cities. Thanks to its growing student population, Swansea is a popular city for new businesses. With great links to London and the North, business owners are relocating there in large numbers to make the most of the benefits that the city has to offer. Manchester is a city with huge potential, thanks to the HS2 development, student numbers and cheaper living costs. Businesses are choosing to relocate there after the growth in technology companies and development and the constant attraction of what’s on in Manchester keeps footfall high.

Competition

The proximity to other businesses could be crucial to your businesses success. Would they be able to provide a benefit to your business or cause a hindrance? Establishing who are your competitors in the area helps you to choose the right location for your business. If there is too much competition, then it should act as a warning sign for you to expand your horizons into new locations.

If you have an element that is unique or offers some kind of new innovation, the choosing an area which already has a saturated market could be the best way to pick up new customers quickly and establish a presence.

Skill Base In The Local Area

Suss out the skill base in the area where you are relocating to – can it fulfil your business needs? Take employment rates into account, especially if you rely on skilled workers. It is best for you to go where there is a healthy and frequent stream of quality talent. Employees are a business’s best asset, so choosing a location which is lacking in talent may cause your business to fall.

Recruitment agencies will happily send you CVs so that you can gauge the market and will only charge if you decide to interview or hire someone. You can also post a free job advert on a site which will quickly show you the calibre of employees in your area.

Comments & Leave a Comment

comments

{ 2 comments… read them below or add one }

Namithaa K January 15, 2019 at 14:49

Hey,

I am currently owning a coworking space. Unfortunately, there is another company serving the same market as mine. Your blog post really motivated me to think of my next move. I am now planning to search for a better location keeping your tips in mind.

Thanks for the information.

Reply

Anirudh January 29, 2019 at 12:07

I was planning to start a Content Marketing Services. This blog really helped me to scale up my business.

Reply

 
Cancel reply

Leave a Comment

CommentLuv badge

Previous post:

Next post: