Important Factors to Consider Before Choosing a Location for Your Business

By BizBritain

over 7 years ago read

Important Factors to Consider Before Choosing a Location for Your Business

Are you trying to decide where to locate your new business or do you want to move from your current location? Choosing the right place to set up a company can often determine how successful that organisation becomes. Below are some of the main factors you need to take into account before you make a final decision about where to locate your business.

Convenience

The office, workshop, or other business premises you choose should be easy and quick to get to. For example, if you require an office and your employees live close to the Charing Cross area of London, you should consider finding office space near Charing Cross station.

This will dramatically reduce the amount of time you and the people who work for you, spend travelling to and from work every day. Taking this approach will reduce the number of times you and your employees are late for work and it will reduce the stress levels and tiredness you can experience if you have a long commute to work every day.

Proximity to Shoppers and Customers

A large number of businesses need to be located close to where their customers are. The busiest and most profitable shops and service business are almost always located on busy streets or in busy shopping centres where there is a higher footfall of shoppers and potential customers. However, when you're looking for a prime location to trade in, you have to be willing to spend more on rent and other business costs.

Costs

Price is always an issue when it comes to leasing or buying business premises. The more expensive your business premises is, the more this cost will eat into your business’s profits. Before deciding to move to a certain location, make sure you shop around for value and that you know exactly how much a business property is going to cost your business.

Buying or Renting Your Business Premises

In the ideal world, every business would prefer to own the building their company is located in. However, not every business owner has the finances and resources available to do this and they have to rent business premises instead. Before you sign any rental agreements or leases, make sure you understand fully what it is you are signing and that you don't get tricked into agreeing to rental terms you were not aware of.

Size

The business premises you choose needs to be big enough for the type of operation you will have. There's a good chance your business will grow, so this also needs to be factored into the equation before you make a final decision about what business premises to move into.

The type of business you have is another key reason why you should think carefully about the size of the building you will carry out your business activities in. For example, a business that uses heavy machinery and equipment is going to need a lot more space than a business that only needs office space.

When you decide to find a new location for your business, you need to take a cautious approach and don't settle for the first place you see. The factors above should always be taken into account before making this type of important business decision.

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