Empty old buildings might be cheap but not suitable business?
Business locations are probably the most critical factor in determining the success of many companies; studies have shown that poor location is among the chief causes of business failures. During times of adversity can be the best time to reconsider relocation.
You must be willing to pay for a suitable location as the cost of the site will often reflect the volume and quality of the business you do. You’ll have to satisfy the needs of your business, your employees, your customers your business associates, your family and of course yourself.
Do some market research in the area before deciding on the location of your business. Before you investigate specific properties, it is also good to find a range of sectors or sites that are suitable for your business.
Factors influencing your choice of business locations
When starting a business or changing premises, you’ll need to decide where you’ll conduct business. Unless you’re a home-based business, it will require buying or leasing premises. Each company has different requirements, and it’s essential to consider your business wants, needs, nice to haves and priorities when deciding on a location.
Irrespective of the increasing pace of digital technology, there will almost always be a requirement for a bricks-and-mortar presence, whether it’s to house your staff, store stock in a secure warehouse, or provide a physical existence for your customers.
Use these checklists to ensure better business locations
- Is the area in which you are operating the right place for a business?
- Is there a need for your type of business in that area?
- Do you know where your customers are concerning the location?
- Are the other businesses in the area doing well?
- Do you know who your customers are likely to be?
- Who will be your biggest competitors in the area and is that an issue?
- Do you know what types of products or services in demand in the area?
- What products or services are wanted or needed in that area?
- What customer wants and needs are companies not meeting in the area?
- Will your prices be competitive in quality and value in this location?
- Do you know what promotional program will work best in the area?
- Is there adequate parking available around where your business would be?
- What is the availability of labour in the area?
- Do you understand the traffic flows in the area?
- Will it be close to where you live or lifestyle considerations.
- Will you have access to specialised support services.
- Is the population base large enough to support the business?
- Do the business locations have a stable economic base?
- Are the community ecosystems alive and well
- Is it a healthy environment for your business?
- Are demographic details compatible with the market you wish to attract?
- What is the location of good schools and other family services?
- Are there appropriate public transport facilities?
- What is the situation with building activity and vacant business premises?
- Is the Local Council zoning correct for your type of business?
- What are the long-term development plans of the local Council?
- Are there any special requirements your business has.
- Will you buy or rent your premises?
Business Locations, details you should not overlook
- Do you like what you see, the aesthetics of the premises?
- If you had to move again, would it be expensive?
- Will the existing premises suit your type of business.
- Is the parking space available, adequate for staff and customers?
- Check the utilities available and costs if they are not.
- Is there access to Broadband?
- Is there a mobile phone black spot?
- Suitability of an electrical fit-out.
- Location history, are there any negative factors with the property.
- Are there problems with noise or smells.
- What will be the relationship to competitors?
- Is the amount of space required available?
- Is the image of your business locations the one you wish to project?
- What is the ease of access for customers and deliveries?
- Is there storage space needed and available.
- What re the security issues?
- Disability access.
- Check to see if employees and volunteers like the premises and the business locations.
- Does your family likes it, they have to be involved with it too.
- Is there room for business expansion in the future.
- Exit strategy, if for some reason you have to move business locations again.
“Heaven is a state of mind, not a location since Spirit is everywhere and in everything”. Wayne Dyer
“People have so many hang-ups about how other people live their lives. People always want to keep you in a little box, or they need to label you and fix you in time and location”. Alice Walker