There are a lot of factors that can determine business success, and for some businesses, location is one of them.
The right location can help your business attract customers, carry out services while also being the most suitable location for your business in terms of cost and convenience.
Moving your business can be a lot of work, so getting your location right is important to save time and money.
Here are some business location considerations to make sure you don’t settle for any old space.
Is it big enough to meet your needs?
Size matters when it comes to choosing any business location. You need to ensure that your business is able to house the things you may need such as warehouse space, a store, office space, and anything else.
But you also need to factor in growth. Space may be big enough for your business now, but will it be big enough in a year or five down the line?
There are a lot of things to think about, so don’t just consider what your business needs now, but what it will need in the future too.
Is it in a location that people can find easily?
Location is one of the most important factors in selecting a business space. If you’re starting a people-facing business, you’ll need to make sure it’s in a place that people can find easily.
It also needs to stand out and be inviting to people walking past – you want people to stop, not walk straight past it. Accessibility is important for businesses, so this also needs to be taken into consideration when choosing your location.
Will your customers, clients, or employees need to park? Consider the availability of parking if you expect it to be necessary for your business’s success.
Is it convenient to help you attract the right talent?
In the post-pandemic era, workers have different priorities when it comes to finding jobs. Work/life balance is important, as it flexible working and convenience. Location plays a big part in that. Employees should be able to access your premises easily, whether by car or public transport.
Creating the right work environment is also important. Employees want to see better on-site facilities, collaborative workspaces, and modern facilities.
An outdoor space could also benefit your business, helping to improve employee wellbeing and even accommodate projects like an allotment or community garden.
Consider the needs of your employees when choosing a business space, it could help you attract the best talent and keep company turnover low.
Are the amenities what you need to run your business?
An effective business space has to be fit for its purpose. You’ll need to think carefully about your processes and whether the space you choose can accommodate them.
This can range from the technology infrastructure available to basics like heating and water.
For specialist work, like wet blasting or manufacturing, you’ll need to be aware of how your water source affects vapor blasting and other activities to ensure your location can give you what you need.
Some premises can be adapted with some investment, but finding somewhere that is better suited to your business needs could save you money and time.
Is the cost worth it?
Cost is another important factor to consider when it comes to choosing your business location.
Committing to a long-term lease or purchasing a property will require a degree of financial security, and may not always be a suitable solution for a startup or new business that’s still finding its feet.
A shorter-term option may be preferable until you can assess the growth of your business.
There’s also the future of the workplace to consider. Many businesses adopted flexible or home working during the pandemic – something that kept costs down while also providing many benefits to employees.
A smaller space may benefit you if you expect employees to keep working in a hybrid way. You may need to consult with your employees to ensure you can provide them with a solution that works for them and your business.
Finding the right business premises could be crucial to its success. While you might think the cheapest option is the right one, there are a lot of other things to consider when it comes to the perfect business location.
Search carefully and ask the right questions to make sure the space you choose meets all of your business needs and can help secure its future too.