Selecting the right location for your business could be the most important decision you make for the start-up of your company. The place does not matter for internet based companies, however, place is crucial for product and service based businesses. The key to selecting the best business location is to assess your target clientele in the area, the competition you have and the products and services you are offering. Outlined below are a few things you should consider when choosing a location for your business.
Having a clear idea of the population in the area you want to establish the business at is important. For this you need to consider the population of the target audience and their proximity to the location. Setting up your business in an area that does not match the customer profile will be a disadvantage for the company. In addition, you need to think about the staff you will hire, their nearness to the location and the availability of the suitable workforce in the area.
The business location should be easily accessible to your clients, business associates and employees. Even if the location is very conveniently accessed, if there no parking facility, the location is not the right choice. A commercial hub like the Etiqa Twins is an ideal place to set up your business at. It has about 700 car park bays and several elevators so that clients can easily access any part of the building.
One of the biggest overhead costs of a business is office rent. Aside from it, there are utilities such as electricity and water costs you need to think about. When you are looking for new location for your business, find out if utility costs are included in the lease. If they are not, you can obtain a summary of utility costs for the site in previous years. Cleaning services, insurance and parking facilities are also utilities you must consider before settling at a location.
Infrastructure includes a steady power supply, water supply, security, air conditioning and technology. Some aged buildings lack good infrastructure and it is unwise to open your business at such a location. When choosing a place, always look into the available infrastructure to make sure that it is good enough to fulfil your business’ present and future needs. Consider hiring an engineer to inspect the location’s infrastructure before settling in.
Choosing a location for your business is a crucial step for your business, therefore, do not settle in at a place just because it is cheap. Make sure to take these things into consideration to ensure the survival and success of the business.