In order for your business to succeed, it’s vital that you’ve chosen the right location for it. However, this isn’t always as straightforward as it may seem, as there are a number of factors that come into play. You’ll want to choose something that’s in keeping with your budget but also provides convenient access for your suppliers, employees and customers.
When choosing your businesses location, here are a few things you should consider:
How Much Trade is Passing By?
The nature of your business will determine whether or not passing trade is a crucial factor. But if you’re reliant on customers coming to your business premises, you’ll want to make sure the location is ideal for your target customer base. If not, this could have a huge impact on your business.
When you’re doing your property search, many companies like GVA will be able to provide you with the demographics of customers within a particular area, allowing you to see whether a location is viable for your company or not.
Are There Competitors in the Area?
Your company’s sales could be impacted if there are too many competitive businesses within the locale. You’ll need to do thorough research to see how close competitors are and whether other businesses could encroach on your customers. Equally, being close to other non-competitive businesses will be a must for some organisations (e.g. clothes shops), as having a number of places to visit will attract more visitors to the area.
Does it Have Good Transport Links and Parking Facilities?
To make sure your business is accessible for customers and employees, you’ll need to ensure the premises is easily accessible for them. Check for great transport links (e.g. major motorways, buses, trains and airports) to make sure people and supplies can get to you easily, and make sure there are ample parking spaces for everyone.
What Business Rates and Council Charges are There?
It’s also important to consider what additional costs you may face, as different premises may come with varying costs for things such as waste collection. These can all add up on top of your existing monthly expenses, so be sure to calculate whether these ongoing costs are something your business can afford or whether there’s a cheaper alternative elsewhere. Again, a professional commercial property company will be able to help you with calculating these costs.