“Haste makes waste” is often described by philosophers while dealing with something meaningful. Yes! Finding the best location for your business is a cumbersome task, and one must not take it on a whim. Choosing a perfect location must be done with diligence; as it is the first and critical step in making your whole business standout.
Before you go for a location, you must set up a crystal-clear picture in your mind about what type of business you want and what it is for? Although it is a time-consuming task to develop a complete game-plan, it is the only option you have to start a successful business.
Here are some key realistic tips to help you find a perfect location for your business.
Style of Operation:
Behind every successful business, there is a plan–tedious and toilsome. You need to set your plan before targeting other steps because your plan always plays a pertinent role in shaping your business in the race of competition.
It would be best if you first decide the SOP (Standard Operating Procedure) of your Business. Is it a retailing type of business that you want to purchase a traditional store, or is it a customer service that you need a booth or a front face shop with a huge billboard for marketing? Your SOP’s should always be handy during the whole process.
To decide the demographics of your business, you need to consider the two important angles:
- Know your customer–their proximity from your location. It is essential for service providers and retailers, while other virtual businesses do not require such arduous plans. Knowing your customer is the jugular vein of your business. If you make the right choice for the right community at the right time, then your business would pace accordingly at par.
- Distance does not matter nowadays, but somehow some businesses have some sort of effects due to distance. It would be best if you recognized your community and their travel routines. Sometimes, people of a particular community do not like to travel afar. They want things to be on their doorstep.
Hence, it is the right approach if you consider these things while looking for a location for your business.
Targeting foot traffic is very important in retail business or service providers. No business wants to be tucked away from the eye-of-customer. For this, decide an ideal (front) location, which would attract the customer while walking through, and get him/her visit your place in the meantime.
It is recommended to have a survey on the people density outside the area you selected, at different times of the day, or at different times of the week. Doing so, you would be able to set a great plan to target your foot traffic.
Parking and Accessibility:
Parking lots, amenities like tuck shops and other refreshments bars are the things that ease customers, employees, and suppliers. If you are setting up a business in a busy street, then you must consider the accessibility of these services. Wide spacious parking is intensely needed if you are planning a huge setup, as it would give myriad boosting effects to your business.
But, if you are planning an office in a building, then you need to understand the time table of your job, the requirements of customers, and the services you are providing to your employees. Most office buildings are off on weekends, and no janitorial staff work on these days. And if you plan to work on weekends when there is off-time in the building, then it’s better to look somewhere else to avoid any hassle.
The most challenging task for entrepreneurs is to stand out in the environment of huge competition. It is the world of competition–you have to make an ideal product to break the competition chain. Either should you focus on marketing or you make ideal services. Whatsoever, you have to survive among the huge competition of the market to make your business successful.
However, there is another way of getting out of the competition. Plan your business in an area where you find the product of high demand with low availability. The customer who is looking for a particular service and finds only limited shops, then chances are there that he/she might visit your shop.
Proximity to other Businesses and Services:
Consider the business trends and services in the vicinity of your business area. If you choose a location in the corporate business hub, already generated traffic may likely visit your office as well. Moreover, having a business in the corporate hub has importance from the two major prospects:
- First, you can get benefit from the customer traffic it generates. Also, there will be a chance of inter-transferring of employees and customers.
- Second, it enhances the domain of workplace and customer services. Also, if you have a refreshment place in the vicinity of your office, then it would be beneficial for your employees to have a splendid meal.
History & Image of the Site:
Location’s history is very important in setting up your business. You might not be familiar with the site’s trend and history. It is a good approach if you ask about the previous tenants and their marketing values. By doing so, you can conceive the market trend of the community and plan your business operation accordingly.
For instance, if you are planning a business of real estate in an area, where you find out the same type of business by the previous tenant that failed, then it would be your foolishness to set up the same again. However, if a different type of business gets failed in that same location, then you should go for research and sort out the reason–whether the problem was in a business or a location. Maybe your services are different and demanding for a community.
Ordinances or legal documents are extremely important for the business sound pace. Be vigilant while leasing an office. There might be a chance that the services you are providing are restricted in the region, and you would find yourself in deep waters after paying the huge sum of money on leasing.
Hire a commercial realtor immediately and start dealing with it. Check the suitable location for your business and its documentation, as well as its neighbouring properties, definitely you wouldn’t want a bar beside a day-care centre.
The Building’s Infrastructure:
Building’s infrastructure is a first impression for the customers to take a step into the building. Many buildings have the old infrastructure and poor facade in which customers hesitate to enter. Moreover, some buildings are old enough that they cannot even support the high-tech system of the office and often come up with wiring problems or other implications.
Make sure that your building is all up to your operational standards and check the electrical, HVAC, and telecommunication systems to meet your requirements. It is recommended to hire a professional engineer to have an objective evaluation for surety.
A big percentage of your capital cost is circled utility costs and other expenses. During leasing, always check for the extras included. Some bills are for particular lease while they are not included in other lease terms. Ask the utility company about the list of previous year’s usage and billing of the site. Also, check the security fees for the utility providers and services. However, you may not need to submit any dues if you have already registered a payment record with the company’s profile.
Talking about a business would make you think about the growth rate of your business. Setting up a business is one job, but shifting the business location is a bone-jarring task one would not want to get involved.
When leasing a floor for your business setup, always consider the growth rate parameters of your business. There should also be some free space for the physical growth of your business in the future. Like, you might have heard that: “Plan for the Mars, and you will land on the Moon.”
Plan Your Budget on the Go:
Finally, you are all set for your business. Make sure you have taken into consideration the monthly rent budget and all other expenses before you start burning the candle on the go. Having a prime location does not guarantee you the best outcomes; but, having a concrete plan will surely land you on the moon.