One of the most important maxims in real estate is that location is key. Similarly, for your company, an excellent business location is just as crucial as your marketing, products, and staff. The location you choose for your business will greatly determine its success. Here are four expert tips to help you choose the perfect location to set up your business.
One of the most crucial considerations you should take when choosing a business site is the availability of IT infrastructure. When inspecting potential locations, find out about the availability of communication mediums such as high-bandwidth internet connections, mobile carriers, and fiber-optic networks. For some businesses, these can be very vital. Even though you may not need them immediately, you may find them invaluable as your business grows.
Ease of access
Take into consideration how people get around in the area you intend to situate your business. For instance, if you have a suburban area in mind, it will be easier for your clients to get around by car. Thus, ensure your firm is located near major streets with lots of parking space. However, if you are targeting an urban area, find areas with plenty of foot traffic and public transportation hubs.
Apart from the rent, review all the costs you are likely to incur when choosing your business site. Ask yourself, does the expense cover for your security, building maintenance, and utilities? If it is a remote location, you may also need to consider additional expenses such as marketing fees that will enable your potential clients to find you. Upgrades such as office space redecoration, renovation, and painting also cost money. An easy way to determine how much you are likely to pay is to find out how much similar businesses in the area are paying.
It could also be a good idea to work with a business like Hartman Income REIT or someone similar who leases out office spaces. This can give you a large variety and price range to choose from.
Experts recommend opening your business in a location near your greatest potential competitor. With this approach, your firm may benefit from your competitor’s marketing efforts that attract clients to the area, overflow traffic from the competitor, and comparison shoppers.
The location of your business is a fundamental aspect that will determine the success of the venture. Thus, when looking for the most suitable location, consider the availability of communication channels, ease of access for your clients, the location costs, and proximity to your competitors. With these guidelines, you can be assured a successful startup.