5 Tips for Choosing a Perfect Location for Your Business

by Guest Author on January 3, 2019

in Articles, Guest Posts

The success of any business gets determined by so many different factors, some of which are closely related to the business’ physical location. For instance, accessibility to suppliers and talent are issues of systemic importance but so is the competition. Needless to say, all of these may come to depend on the proximity of your business to various elements. Then again, sometimes you’ll have a choice to move your business to a different city or state, in that case, taxes and regulations that you have to abide by will change, as well. With that in mind, here are five important considerations you need to make before choosing a location for your business.

1. Population demographics

The first thing worth considering here is the population demographic in that particular area. Sure, we’re long past that time when people did business only with those companies that are nearby. However, the location might play a huge role in your marketing effort, which is why using the name of the neighborhood in your marketing campaign might help you reach out to your target demographic in a much more personal manner. Other than this, physical proximity to your target audience definitely doesn’t hurt. You never know when you’ll decide to hire someone from this very group and, in this scenario, it’s good to have them close by.

2. Cost

As always, the cost is a factor that you can neither downplay nor underestimate. Sure, a location that you’ve set your eye on may be both more prestigious and more convenient but what if the cost of the rent is just too much. After all, you’re still running a business, which is why you need to ensure that the ROI is positive. Keep in mind that the cost of the rent isn’t the only expense you’ll face. The cost of utilities, moving and preparing the place for your business, in the first place, need to be considered, as well. Remember that while you might be staying here for a while, it’s just as possible that you’ll soon relocate, due to the efficient growth strategy, which makes all of this even more difficult for budgeting.

3. Proximity to vital services

Another thing you need to understand is the fact that your business might be in need of a number of services from other agencies. Sure, the majority of people think big when talking about outsourcing. We’re talking about the concept of outsourcing the HR or IT. However, what about cleaning services and stocking break room necessities. Other than this, a present-day office is also a digital workplace, which means that you might need service and maintenance of your hardware on a regular basis. For this reason alone, it’s also worth checking Apple store locations in the area prior to moving in. Lastly, keep in mind that broadband coverage and access to roads are also of vital significance.

4. Foot traffic

This is an interesting factor, seeing as how it may go one way or another. Namely, if you’re within the retail industry, any passer-by is a potential customer. They don’t have to buy large, seeing as how it’s enough that they’ve just forgotten about something and remembered it while walking past your store. On the other hand, if you’re providing a service that requires privacy, it might be better if your headquarters aren’t in the middle of the busy street. Sure, the front might not be transparent but it’s still best if the place is somewhat tucked in.

5. Personal factors

In theory, decisions related to the business world should always be factual and governed by reason. Still, personal biases may also play an important factor here. After all, picking an office or a location that you and your team don’t like might be bad in the long run, seeing as how it might undermine your motivation. Other than this, the proximity of the place to your home might make it easier for you, as an entrepreneur, to be the first one in the office and be the last one to leave. Keep in mind that setting an example is one of your most important functions, which is why the significance of this advantage shouldn’t be underestimated.

Conclusion

Seeing as how the last item on the list was the one related to personal reasons behind choosing a specific location, it’s more than clear that this is a highly subjective matter. There are no two businesses that are alike, which is why a location that’s ideal for one business might turn out to be completely unacceptable for someone else. All in all, there’s a lot to consider and a lot to choose from.

Guest article written by: Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.

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Sajid Akhter January 4, 2019 at 13:55

Proximity to vital services and cost are two of the most vital points to look for when establishing a new business location. It is important to have your daily usage things nearby to cut down on transportation cost.

Thanks for sharing, have a good day.
Sajid Akhter recently posted… Best Deals – 68% Off on Boat BassHeads Headphone with Mic

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