When setting out to establish your business, a top priority is finding the right business location where your business can grow and prosper. The first thing to do is to answer certain questions like, what products or services do you want to sell? Will your brand be the type to mainly rely on foot traffic and walk-in customers? And most importantly are there social amenities that will provide comfort and convenience for you, your employees, and your customers? Also, you need to consider if where your business is located will facilitate regular visits by customers.
If your business is in the production or manufacturing industry, I want you to realize that as your business grows so will the number of your customers, and they will need to transport whatever they buy from you. It is great to grow a great brand, but what good will that be if your business is located in a region or location where your customers can’t find a good communication route such as roads, for easy transportation of your products?
Given that you might be unfamiliar with finding the right business locations, I will advise that before you write and perfect your business plan as a new business owner, you should consult a good real estate firm. They know where your competitors are and where you are likely to get more customer traffic. Also, they can show you what properties are available within your preferred zone.
4 Tips for Choosing the right Business Location
Besides the factors I listed above, when it comes time to choose where your business will be based, there are some important factors to consider to make the right decision.
So I have done the research for you and compiled a list of 4 tips for choosing the right business location for your business. Follow these tips, and watch your business grow continuously:
1. Population tally
Finding who your target audience is can be used to shape your choices for choosing a good business location. After weighing all your options, check out each of these locations and see which of them is the closest to where your target audience is. Remember that business is all about supply and demand. If you place your business in a region where there will likely be little demand, then the future of such a business is not bright.
For example, if you wish to establish a life insurance company, you might need to find a place where the majority are elderly citizens. Most young people below the age of thirty don’t see the value of buying a life insurance plan at that age. So make sure you research the demographic status of your preferred zone well. When you do this, it will bring you less stress in hiring outsourced staff like marketers.
2. Competitors
It is also important to mention that you need to research your competitors and find out where they are. Establishing a business where you struggle to compete with your competitors for the same set of customers is not wise. What you need is your base far from that of your business rivals. That way, you can focus on improving your product and do things differently.
3. Office structure
It is not just enough to find the best business location for your business, you also need to check if there are available office spaces there. Also after finding a good property with office space, you need to see what that property can offer to your business, your staff, and your customers. Don’t just look at the customer from your point of view, also consider the property from a customer’s perspective.
4. Neighborhood
As the saying goes, “no man is an island”, that is just the way it is as well in the business world. Before you choose that potential location for your business, I will advise you to check out what services or products other businesses around that zone offer or sell. This is essential because if those businesses sell products that attract many customers, especially those within your preferred demographic, it creates an opportunity for you to tap into their customer bases. I always tell new business owners to see the importance of collaborating with other businesses to form an economic ecosystem.
In addition to this, the security of lives and properties is very important. Make sure the neighborhood you want to establish your business is not known for conflict, theft, and any other bad vices. Always ask around when you visit any location and how is the security around there. Also, take note of how far the closest government agencies like police stations and fire services are to that location.
Importance of Choosing the Right Business Location
If you run a business that will be dealing with customers directly, you might need to consider in what way your location will impact your business. Imagine you want to start a Pig or pork farming business. It will not be wise to open a farm in a community where everyone or the majority are Muslims. Islam does not encourage the consumption of pigs, so the community members not patronizing you doesn’t mean they don’t love you. It’s just that you brought the wrong franchise into town.
Frequently asked questions
How important is the location to your business?
When you choose the right business location, you don’t always have to worry about waste. This is because there is already a market base for your business.
Is the availability of a warehouse storage facility important when choosing an office space?
Yes. A warehouse storage space makes it easy for your business to store materials that have not yet been processed or those products meant for shipping.
What should an office facilitate have for customers?
If your business involves face-to-face contact with clients, you need a facilitate with reception space, a waiting room as well as a conference room.
Is the availability of parking space important for businesses?
Yes. To meet customers, you need a parking lot. Also, your staff with vehicles will need a safe place or space where they can park their vehicles while at work.
