We’ve all heard that old adage “Location, Location, Location”. And to be quite honest it is quite important. Choosing the right location can make or break your entire business simply because there are so many factors that a customer considers when deciding to shop at a store, including car parking facilities, general neighborhood, ease of entry, and overall look and feel. Today we will be looking into some of the factors that you need to consider before settling on a location for your business.
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So, the first step that you need to do is to decide on a business location type. Each type will have different needs. If you’re operating a home-based business, you likely don’t need anything more than a desk. If you’re planning on expanding, you might want to move to a rented office space or expand your home a bit to include more desks for the employees that you hire. If you want to find retail space, select the appropriate location for the type of business that you’re running. A High-end clothes shop needs to be in an upmarket location and not a strip mall.
Find the location that suits the budget of the business. Yes, it can be tempting to go all out and sign a contract for that upmarket location but consider the fact that the business might not do well there. Upmarket locations tend to charge a lot of money and on the chance that something goes wrong, a cheaper location would make the choppy waters of business a lot easier to navigate.
You will also need to consider your brand. Keeping your brand at the forefront of your mind is always important and is doubly important when selecting a location. This is because brands have ideal locations, and it is up to you as a business owner to identify the right one. For example, an office supply distribution facility doesn’t need to be in the shopping district of a city, and a high-end jewelry store has no place being in a college town. Simply because the brand doesn’t fit the neighborhood.
You will also want to find a location that is close to your vendors and suppliers. By choosing a location that is close to your suppliers, you ensure that you can get your supplies easily and quickly. Failing to do this will mean that you could run into delays and run into issues with inventory levels. Both of which are not fun positions to be in. When choosing your site of operations, make sure you have the right location with which you can find the right raw materials at the right time.
So that’s it, a few tips that you need to consider before you sign a contract for a location for your new business.