Your business’s location is the key to successful business operation and overall growth. When choosing your location, consider the needs of the company, customers, employees and equipment required for your business.
Before you start scouting for a space for your business, you need to have an idea of what you should have, what you’d want, what you can’t tolerate and what you can afford. While developing that picture can be a tedious process it can be exciting as well. But it is essential that you give it the proper attention it deserves. Although many startup mistakes can be corrected later on, a poor choice of location is almost impossible to fix.
Take a look at the questions below. Use them as a checklist for possible locations and then to compare several selected locations:
How accessible is the location and are there parking facilities?
Consider how the facility is accessible for everyone who will be using it—suppliers, customers, and employees. Make sure there are enough parking spaces for customers and employees. As for foot traffic, carefully monitor the facility at different times and days to see how the demand for parking spaces fluctuates. Also, make sure that the parking lot is adequately lit and maintained. If you or your employees work late hours, you want a safe and well-lit parking lot.
Are there nearby competitions?
Are there any nearby companies? Sometimes it’s good, in industries where comparison-shopping is popular. You can also catch the flood of existing businesses, especially, if you have your business located in a restaurant and an entertainment area. But if you notice any nearby competitor will make your marketing work more difficult, look elsewhere for location.
Are necessary utilities covered in the building?
Rent represents the significant portion of your facilities expense, but think about extras like utilities—they’re included in some leases and not in others. If it they did not include them, ask the utility company for a briefing of the previous year’s billing and usage for the site. You should also find out the types of security deposits various utility providers need so that you can develop a precise move-in budget; however, you may not need a deposit if you have a payment record already with the company.
Will there be enough space?
Your company needs to have enough space for the equipment you require. For example, assuming you have a manufacturing company; you will need extensive space for inventory and equipment. Consider your what your business is about and the type of equipment you’ll need when establishing your location.
How is the traffic flow—can your customers reach you quickly and inexpensively?
Is your business the type that needs to draw customers to a store location? The location must be convenient to the customer. The area should be easily accessible and provide the customer with safety upon their arrival and exit. For most retail businesses, traffic flow is notably important. You don’t want an office tucked away in a corner where potential customers will likely bypass you, and even the best business areas have dead spots.Conversely, if your business requires confidentiality, you might not want to be located in a high-traffic area. Monitor the traffic outside a potential location at different times and on different days of the week to make sure the volume of traffic meets up with your business needs.
Is the building suitable for your kind of business?
Many buildings don’t have the necessary infrastructure to support the high-tech needs of modern business. Make sure the building has adequate telecommunications service, electrical and air conditioning to meet your company’s present and future needs. It is a great idea to hire an independent engineer to check this out for you. So you’re sure to have an objective assessment.
To Your Growth & Profits
William De Temple, CEO Antirion LLC
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