Are You in the Best Location?
Location is one of the biggest factors to directly affect your business. If you are not doing business in an effective space, you could be missing out on important opportunities. Here are some considerations:
- Cost. In most cases, the best locations have the highest prices. You will likely have to decide between saving money on rent versus being in the best location possible.
- Suppliers/vendors. Having a close proximity to an airport, post office, laboratory or a particular vendor might be necessary to lower your costs or keep an important inventory stocked. If employees need to travel frequently to a certain vendor, being close to that vendor will lower travel costs and reduce time away from the work.
- Customer location. Is your target market close to your business? If not, your location could mean that your potential customers contact a competitor instead.
- Employee talent pool. As your office grows it will need more employees. If your business requires highly skilled and professional employees, a location close to the more successful suburbs would be best. If low skilled or clerical workers are a bigger concern, then consider a location near a mass transit line.
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5 Tips to Finding your Perfect Space
- Identify business needs
- Buy versus lease
- Specific industry considerations
- Planning and critical thinking
- Finding a commercial real estate agent
