Essential Factors in Picking the Perfect Location for Your Business

Choosing a new location for your business is even more complex than finding a new place to live. There are many factors shared with buying a new home, but there are even more things to consider when moving your offices. This means that blatantly going out and starting window shopping for a new place to do business is not an acceptable solution. You need a clear outline of what you need, what you could use, what you want to avoid and what is absolutely out of the question. Although this process truly is overwhelming, it is fueled by the fact that it is very exciting. This means that you should avoid rushing things and approach them with a ton of dedication; after all, you don’t move your business every day!

Style

Oh yes, this greatly underestimated factor actually plays a vital role in picking your brand new work location. Even if your office is inspired by a kicked-back, casual atmosphere, an unseemly office without any style is out of the question. For one, you should think about your future office style with clients in mind, especially if your business premises are going to be visited by your clientele in person. Even if this is not the case, it all boils down to the image that you want to nurture, professionally. Consider whether you want your future office space to be formal, elegant or relaxed; or, perhaps even a combination of the three. Here’s an example: a retail business should consider whether they want a traditional store, or perhaps a kiosk, or even a booth. This all falls under the category of “style” and it is vastly important for your business’ image.

Demographics

If you specialize in eCommerce, you can skip this paragraph, it won’t matter to you. However, if you expect to see actual physical customers at your venue, you’re going to want to add the science of demographics to the grand equation of finding a perfect office location.


When it comes to demographics, there are two main aspects of addressing the issue at hand.


Firstly, consider who your customers actually are and how close they are to your offices, physically. Many prefer going to a business that is geographically better suiting for them, so do not underestimate the factors of human laziness and busy schedule.


The second aspect refers to the community. Essentially, if your customers are nearby (meaning that the conditions of the first aspect are met), is the percentage of your customer base sufficient to match the profile that will be supporting your business? Moreover, you need to consider the aspect of economics – think about whether your target community is that of a stable economic base; in other words: will they be able to afford your product, not paying attention to their interest. If you want to avoid the greatly dreaded market volatility, you need to develop a diverse and stable customer base.

Competition

What do you have to offer that your competition doesn’t? Unless you’re that innovative, chances are that your competition really is your equal peers; except in terms of popularity, where you lack hugely. Why? Well, think about it, the competition that has been near your desired location for some time now and they’ve already established a base of loyal customers and probably already gotten their name out there, locally. Trying to squeeze your way into equality here is really not a good idea, business-wise.
Of course, exceptions do exist; for instance, some industries are famous for comparison shopping, so some companies can benefit hugely from nearby direct competition, depending on its industry.

Distance

The distance from your current office to that perfect one you’ve found is not a real factor. If everything else clicks from the business standpoint, you shouldn’t worry about the actual moving process. There are many affordable and trustworthy businesses out there that specialize in truck rentals that can help you move at competitive prices. Don’t let the fear of distance frighten you into missing out on an awesome opportunity.

Accessibility and parking

This is more of a bonus factor, really, but a huge one at that. When choosing a new office space, you should definitely take its accessibility into account. Accessibility and parking are important for every single person that is going to come by your place of business, from the customers and employees, too, perhaps most importantly, your suppliers. If the suppliers are having trouble reaching your warehouse or office space, your business is going to feel it.

Above all, a thorough study of target locations for your new office is absolutely essential for success. Although the location isn’t too relevant for eCommerce businesses, the majority of business types can benefit/suffer hugely from a good/bad location. Always keep in mind the style of your business, but also the demographics, competition, and accessibility. Oh, and don’t let the distance draw you away from a perfect deal!

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Diana Smith is a full-time mom of two beautiful girls interested in marketing and latest business technologies. In her free time, she enjoys exercising and preparing healthy meals for her family.

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