When it comes to picking a decent location, the cost is a major consideration. City centres are fantastic for creativity and accessibility, but they usually come at a high cost. If you’re looking to rent a building in a big city, real estate, utilities, and rates can be too expensive. It’s a good idea to compare the costs of various areas before settling on one. If you need a city-centre location but don’t want a large amount of space – or even a physical space at all – you may look into shared office space or virtual office locations.
Choosing a site that is accessible to both customers and employees can make or destroy a company. For example, you might discover the ideal bricks and mortar store in the city centre at a reasonable price, but there is no adjacent parking. It would be tough to draw customers or make it easy for employees to commute to work in this area, especially if public transportation is infrequent or expensive.
The proximity of your competitors might be beneficial or detrimental depending on the type of business and industry you operate in. If you’re a small business, choosing a site near a competitor who sells the same things as you but at a lower price range could be a bad decision. If you know your competition’s location is tough to get to, on the other hand, you may make sure you pick a location that is easy for clients to get to.
Demographics will also influence your choice of place. Consider whether your clients are probably going to live or shop in the neighbourhood, or if they are willing to travel to you. Many customers value convenience, so think about how easy it is for them to get to you and whether travelling to a competitor is easier.
When it comes to expansion, you’ll want to be sure your location is conducive to your company’s goals. Some businesses would be better served by a tiny central hub in a city with smaller offices scattered around, while others would be better served by a single large office with a few remote workers.
- Foot traffic
If your company needs a physical place where people can see and buy your products, tracking footfall in your area is critical. If you’re on a side street with little foot traffic, you’re not going to get as much business as a shop on a busy main street with a lot of people.
- Proximity to other local businesses
For three reasons, you should consider the other local businesses in the region while making site decisions. First, you’ll want to see if you can take advantage of the adjacent businesses’ foot traffic. Second, think about if these companies will improve the quality and culture of your organisation. Finally, think about whether they’ll be competitive enough to entice customers or perhaps, employees, away from your organisation.
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