You don’t have to pick a business location on a whim. Read on our tips to help you allocate an appropriate place for your business.
First things first, you can only choose a business location depending on your business type. Shopping malls, business parks, professional buildings, strip malls and others have been designed to help you meet the right needs of your business.
A business location strategy requires research, planning and willingness to vet all your options. With these crucial tips, it would be easy for you to establish a place for your business and market. It must of course be social media alongside whatever else you decide. Utilize the platforms like Facebook by accumulating Facebook likes so that you can increase the outreach.
Let’s get started:
- Decide the Business Location Type
There are five common business locations. The good thing is, there are more creative options coming, such as co-working spaces popping up. You, therefore, need to know about these location types that can meet specific needs.
The common business space locations include:
- Home-based Business
Perhaps you work from home, but now you need to have more space for your business. It, therefore, means you should consider moving to a more spacious home. Besides, you can think of adding an office you need at your home office.
- Retail Business
You don’t have to limit your business potential to strip malls and downtown storefronts. Therefore, you can look for retail stores in free-standing buildings, special event kiosks and airports.
- Commercial Business Space
The other place to put your business is in this commercial business space. The good thing, they provide you flexibility even as your business continues to grow. However, these are suitable for those businesses that don’t depend on heavy consumer traffic.
- Mobile Business
Some years ago, the only businesses that moved around were festival vendors and circuses. Today, there are mobile card readers, and you can use a truck for your restaurant. If you run an old book store, try and open a pop-up shop near a beach.
- Industrial Site
A business that operates any manufacturing or distribution business, will have special needs. Therefore, if you’re opening in a new location, such a business will have limited choices.
Remember that industrial sites will be needed for companies requiring warehousing space. Some of these companies include those producing pollutants in their manufacturing process and those that require access to significant transportation routes.
Lastly, where you decide to locate your business will depend on local zoning ordinances in that community. You shouldn’t sign on the dotted line; you’ve to be sure it’s legal to operate such a business in that location.
- Pick a Business Location Within Your Budget
The foremost priority in your business is getting a business location that can fit your budget. Outstandingly, it’s not everything you’ll need when examining money. You also have to look at other specific costs beyond the monthly rent or purchase price.
Almost every location will have hidden costs you can account for, such as renovations, utility upgrades, taxes, economic incentives, and minimum wage requirements.
Remember that you must consider vehicle licensing and cost of permits when choosing a new location, even if you want to run a mobile business.
If you keep that in mind, you’ll have a chance to make an informed decision about your business location. You don’t have to commit yourself to anything. It would be better if you speak to other business owners and ensure they are happy with that location.
It may be hard for you to predict whether the new location is successful. Therefore, you need to do much research beforehand and ensure it’s suitable for the growth of your business.
Again, the location can be digital and truth be told this is the safest and most important option. Plus, it is budget friendly too. Getting a sufficient amount of Facebook likes for your post can expose your product to thousands and millions of potential customers.
- Keep in Mind Your Brand
When developing a business location strategy, keep in mind your brand. It will help you make choices. Perhaps, you don’t want to put a new office supply location in the middle of a boutique shopping district.
Additionally, your upscale restaurant couldn’t fare well when located in a rural or college town centre. In such areas, customers spend less money.
- Consider Vendors and Suppliers
The location of your business should be a place that’s easy for connecting with your suppliers and vendors. If not, you’re likely to experience delays and even run into frequent issues.
If you’re to consider the options, look for a site that makes it cheaper and easier to get the raw materials, you’ll need to operate.
- Get a safer location
You only have to operate a business if you feel the place is safe and protected. Security isn’t something to underestimate. And besides your business, also consider your employees and family safety as well.
A safe place is vital for any business with inventory because it could be at higher risks for theft or burglary, especially when you’re running it at night.
- Get Where There is Demand
You have to secure your business in a location where there’s no saturated competition. Search for areas where your products or services will be in high demand. If not, the competition of the location will be reasonably low.