There are a lot of articles on how to find the right location for your business, but there’s also a lot of variation on them. You know what they say: there’s only three things you should consider as a formula to success: location, location, and location. To do that properly,you have to consider a lot of things. Here we enumerate five pieces of advice on getting the right space for your upcoming office space:
Customer base
Ideally, you want to be as close as you can to your customer base, or at least you want to be somewhere where you can build a better customer base. This directly relates to demographics and communities near your proposed area. If you have a specific target in mind but can’t reach that through your location, then maybe consider tailoring your services for the surrounding demographic. This is good advice for both physical services and stores, and companies that don’t offer physical services like tech startups. You can try to go international and reach as many people as you can, but the location you’re considering will require you to also try and reach those closest to you first (but not entirely dedicating yourself to them). Take that advice as a good first step for finding a location.
Traffic
Any business you set up will have to rely on both pedestrian and non-pedestrian traffic, not only for your clients but for your employees as well. Making sure that your employees have enough time and means to get to work is paramount to the success of your company. Choosing a good central spot in which customers can quickly notice your store or company is a good thing, but it shouldn’t be the only thing on your mind.
Accessibility
Does your building or location have accessibility for people with special needs? You’ll probably be required to set them up if they’re not available. Does it have good spots for parking? A dedicated parking lot? Those things are important. Research your building’s opening and closing times, as well as making sure that you’re able to get into your office at odd hours. Accessibility pertains to every aspect of your business: employees, clients, suppliers, etc. Even yourself. Will you be able to properly access the space you want to work at every day and with no issue? After all, chances are you’ll be in charge of it. If you’re not, then that responsibility will fall on you, and that’s a lot more pressure.
Competition
You know the old saying: keep your friends close… and the business that are more similar to you closer. Contrary to popular belief, you shouldn’t try to distance yourself from your competitors. If you’re a store, it’s true that your competitors might not be too happy about that, but that’s their issue. Clients who are looking for difference price options on a given item might come to you to compare choices, not everybody is in love with a single brand all the time. Besides, think about employee rotation: if you’re working near similar companies, maybe some employees leaving those companies can come work for you, there’s a chance you might offer something the other guys just couldn’t provide.
Costs
This should be number one, but it’s better to leave it at the end because it’s the first thing everybody thinks about, so there isn’t a lot to say about it. You know the drill: maintenance, parking, maybe you have to do some repairs, utilities, permits, etc. Some zones are more expensive than others (rent wise), and there are initial payments and regular payments that you will have to consider. It’s better to look at costs afteryou have studied the other four aspects of location.