You have a business plan and funding in the bank, and you’re ready to start your business. Next comes choosing a location and you have to consider many different factors such as affordability, accessibility, parking, gardening stores online, zoning etc. While the right location won’t guarantee success, it can dictate the type of customers you attract, how long it will take you to grow, and more. By using the following tips, you can identify the best place to locate your new business.
When choosing an office for a new business, price is usually one of the first considerations. Can you realistically afford a certain location or would it be better to go for a less expensive space that still serves your purpose? Make sure you take all costs into account, such as janitorial services, parking, internet, insurance rates in the area etc., when making a decision. Keeping your brand in mind is also important when deciding on a location, as it must be consistent with your style and image.
When looking for an office space for your business it is important to pay special attention to the locatio’s growth potential. Cities like Las Vegas, Los Angeles, New York, and San Diego should be considered. For instance,choosing San Diego office space rental in prominently located areas such as the Downtown Financial District is a beneficial decision, taking into account that it is the second-largest city in California and has a strong economical potential and an educated workforce. Having an office of choice in the best location and that too at an attractive rent is really the best option for entrepreneurs who want to save money and focus on core work rather than spend time on maintenance and other office space-related issues.
The nature of your business will dictate how visible your office needs to be. If you rely on foot traffic, you must position your business as close to your target audience as possible. You don’t want to be tucked away in a corner where no one sees you. Like in the retail sector, the amount of foot traffic could make the difference between success and failure for your business. It is important to view the location at various times of the day and on different days of the week. Do your best to gauge how your business could benefit from the level of foot traffic at different times and on different days in the particular location.
If you regularly meet with clients, your location must be easily accessible. If clients have to look too hard for your business, they may give up. It could make a difference if your business is in the center of town or further afield. You will also need a location with convenient parking and if you’re on a busy street, it should be easy for cars to get in and out of the parking lot even though it is a unique fence. If clients have to pay for parking or parking is inconvenient, it could make them go elsewhere.
If you’re running a business that receives consistent supplies of goods, you need to pick a location with easy delivery options and warehouse storage. If your location makes it difficult to get the raw goods you need to operate, it could make operations more expensive and mean delays and issues with inventory levels.
Attractiveness to employees
Finding top-quality employees is critical to business success so you need to find a location where employees want to work. You want to make sure the office is in an area with good access to public transportation or adequate parking for employees. It should also be in an area where employees feel safe and the parking lot should be well-maintained with adequate lighting.
Access to amenities also makes a difference to employees. Are there coffee shops, restaurants and gyms close to the office? Does the vicinity have a nearby day-care center for employees with children? Are there any other shops or services employees might want located nearby?
Distribution of competitors
Are there many competitors close to you? If so, this may be a sign that the location is a good one for the clientele you wish to attract. However, it could also indicate that the area is already saturated and you would battle to get customers.
You need to carefully consider whether the proximity of competitors would be a positive or negative factor for your business. A location where other businesses are complementary to yours could help you to attract customers in your target demographic.
Are there any local, city or state rules and regulations that could limit your operations? Zoning maps of a city will show where certain business activities are allowed or not. Check for neighboring properties, too – you don’t want unsuitable businesses nearby if you’re opening a yoga studio or day-care center. Regulations in certain areas may be more stringent than those in others.