If you are planning to start out on your own, no doubt you are wondering about where to establish operations. The importance of locating your business in an appropriate place cannot be understated. Deciding the right spot depends on myriad factors, which are discussed in this piece.
A business startup without considering expertise business advice and a superior strategy can take your business to a worst situation. Choosing an ideal business location can be one of the major decisions while selecting a location for business. A bad location can affect productivity and efficiency of business.
What are the major aspects that should be taken while purchasing a location? Before investing in location, you have to judge carefully what your business needs are. This one step focuses your search and minimizes needless inquiries.
Your staff should not expect to travel long distances every day to come to work, Give it a thought while taking into consideration, which is far from the main city or ports. A long move will not go over very well with recruited staff
There is also some great number of situations and causes why a business might need to relocate or find a new location. An expanding business firm may need a new location for business growth or to set up a division in a different location.
Business firms facing uncompetitive costs in business may have to find a cheaper location. Some of the features that must take into account while selecting a business location or while moving to a new office location are:
1.) Communication is a decisive factor for every business company. Bad infrastructure availability can affect the business infrastructure in a different way. A firm engaged in importing or exporting goods prefers an area close from good road links and ports. Choose your business location by considering the distance of locations from ports and major population centers.
2.) A business location with better support of funding and investment is an ideal business location for them if help with costs is a key consideration while choosing a suitable location.
3.) An area with a lesser number of job opportunities can also affect business perspective and goals.
4.) If the area is adapted to the needs of your business area, then everything should become easier to set up and run a business.
5.) An office location near to the universities and other educational institutes always get a huge advantage over others. This could be the major feature for a successful business.
6.) You cannot either neglect future benefits while choosing a location for business. A good indicator of a location strategy is the development that is being constructed or planned in the area.
7.) The quality of life is a wide and subjective matter to explain. The quality of life in their area can be estimated regarding housing, schooling, culture, recreational activities, alternative energy and environmentally-friendly facilities. It can help you to get a better and productive staff.
8.)Finally, remember that undoing this decision is a lot harder than correcting most other, especially if you’ve got a large manufacturing set-up.
Let’s now look at the different types of premises that you can choose from, for locating your business. Again, the primary consideration would be the type of business activity that is intended.
Start at home: If you are starting small, operating from home offers several advantages, the most important being, saving the cost of rent. You could move to a commercial space or a big setup once your business grows. Working from home also helps you avoid negotiations with landlords, onerous deposit payments and even day to day travel. The flip side is that it might not give your business the professional image you desire; also, conducting business meetings at home might be inconvenient.
Rent a retail space: Obviously, you’ll need it if you’re selling directly to consumers. Retail space comes in different forms and sizes; choose between malls, shopping centers, free-standing buildings or downtown shopping districts. Retail space is also available in other high-traffic locations such as airports, railway stations, hotel lobbies, sports stadium and temporary event venues. Most retailers will tell you that the best place for locating your business is within shouting distance of your biggest competitor! You’ll also need to make sure you’re patio lights have been updated to give the most pleasing aesthetic.
Lease a commercial building: This is just right for B2B operations. Commercial office space can be found in downtown business districts, business parks, and suburban facilities. Consider taking an executive suite where the landlord himself provides front office and secretarial services, conference rooms, telecommunication facilities and other support services as part of the lease package.
This takes away the hassle of an elaborate setting up process and also saves you capital investment. There are also some executive suites that rent their facilities on an hourly basis to home based businesses or to people who need office space on occasion. “Negotiating Commercial Real Estate Leases” can give you useful information on how to go about your negotiations with a landlord. For quicker access, you could download the electronic version of the e-book – “Negotiate the Best Lease for Your Business”.