How to Choose the Right Business Location

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business location

Setting up a business is obviously a big step that is not to be taken lightly. And one of the top considerations will be where to set up your company in the first place. First of all, you need to have your priorities in order as well as your overall budget. The next challenge will be trying to match the two up as closely as you can. So, let’s take a look through some of the top considerations that should go through your mind before you settle on a location for your business.

Demographics

When you get round to shortlisting potential locations, you need to think about who your customers are and how important it is that they have easy access to your business. The internet has helped to make proximity less of an issue for many companies, but you may be operating a business where this is still an important factor. Do you need to be located closeby to other businesses or for you need a location where customers are going to easily be able to find you? With regards to demographics, you also need to think about your workforce and how likely they are to be living within the vicinity.

Restrictions and Obstacles

You need to think about if anything is going to get in the way of the successful running of your business. For example, are there any ordinances or zoning restrictions that may get in the way? With regards to the building’s infrastructure, does the area have access to good telecommunication and WiFI services that are so essential to the running of a modern business? If you are planning to build the business premises from scratch, can you get the appropriate planning permission and have you fully assessed the site for details like acid sulfate soils audit and treatment? Asking these questions early will certainly help you out in the long-run.

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Accessibility

Consider how accessible the site is for anyone who needs to reach it. Customers, employees and suppliers are three types of people who you will need to think about. Is there parking available and will your suppliers easily be able to drop off any deliveries? And if foot traffic is important to the successful running of your company, you should take the time to monitor how many people are going past the site on an average day and who those people are.

Competition

An important question to ask is whether or not there any similar businesses in the local area who will be directly competing with you. Also, you should think whether there are any types of business that are in the area that will actually benefit you. Other company’s customers and employees could end up being your own if you position yourself in the right place. As well as this, you will want to think about what sort of facilities are available such as restaurants or cafes that you may want to take clients out to or may be used by your employees.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.