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You can’t just go and start shopping for business space – you need to outline a clear picture of the things that you need, things that you could use, things that you’d prefer to avoid and the things that you absolutely won’t tolerate. Furthermore, there’s always the issue of how much you’re able to cash out. Although this time-consuming process is exciting, it can also be tedious at times. You need to thoroughly dedicate yourself to it, as a poor choice of location can cause irreparable damage.
Operation style
A modern-day startup cannot afford unseemly offices, even if you’re planning on maintaining a kicked-back, casual atmosphere. It all boils down to the style and image that you want to nurture. If your business is going to be visited by clients in person, you should consider the vibe you want it to give out; think about whether you want it to be formal and elegant, or relaxed. For example, if you’re planning on starting a retail business, consider whether the product(s) that you’re pitching are best displayed at a traditional store, or perhaps even a kiosk or booth. The operation style that you want to achieve plays a vital role in your business’s location choice.
Demographics
eCommerce businesses don’t need to worry about visitors, but if you’re expecting customers at your venue, you’re going to have to include this science into the equation of choosing your business’s location. There are two main aspects in terms of addressing the issue of demographics.
The first is a rather logical one: you need to think about who your customers really are and how close they are to a given location.
Secondly, you need to focus on the community. In other words, if your customers are nearby, does a sufficient percentage of your customer base match the profile that will support your business? Furthermore, does the target community have a stable economic base; i.e. will they be able to afford your product, regardless of their interest? Developing a diverse and stable customer base is vital for avoiding market volatility.
Competition
If competing companies are nearby your target business location, this is most likely a no-go – they are already established and probably enjoy a certain level of customer loyalty, which means that they won’t really be inclined to try something new, especially if they are perfectly satisfied with the service your competition offers.
On the other hand, when it comes to industries where comparison shopping is popular, your company can hugely benefit from a nearby competitor.
Make do
If you’ve found a perfect place in all other respects, except in terms of its current state, you’re likely best off just settling for it. Turning down a deal in a fantastic location is the worst idea a business-to-be can make. Even if the offices that you’ve found are in a terrible state, you can opt for construction debris removal, some cleaning and, finally, equipping it with things you found on discount. In fact, the amount of money that you’d invest into getting a perfect office location in shape will significantly boost its value, which means that this is a sound investment, even if your business project crashes and burns (not literally, though).
Accessibility and parking
Although, as a rule of thumb, this factor is more of a bonus. If able, you should consider how accessible the target facility is for everyone who’ll be using it. This includes customers, but also employees and, more importantly, suppliers.
Thoroughly studying the target location for your business plays a huge role in your future success. Of course, this doesn’t apply to eCommerce companies, but as a retailer, keeping in mind your operational style, the demographics, the competition, accessibility and parking is a pillar of success. Finally, you need to learn how to make the most out of what is available!
