How to Choose the Right Location for Your Company
One of the most common sayings in business is that success comes from location, location, location. Your location, no matter what your business is, plays a big part in how well your business does. A restaurant cannot succeed in the middle of nowhere; a convenience store can't succeed if it is not convenient. Likewise, for your business, location means everything.
Your Initial Considerations
There are several considerations to look at before you choose your location. These include:
* The location of your customers: You want to have customers near you so you are their first choice when they need your services.
* What competitors are near you: Not only can it be hard to compete when you have an established competitor near you, but it can also be difficult to get a business loan if your area already has a strong competitor's presence.
* Taxes: There are taxes on businesses, and depending where you live you may be required to pay different taxes.
* Zoning: Certain areas of cities are zoned for residential, while others are zoned for commercial and industrial. Make sure the location you choose is zoned for commercial use. By visiting the zoning commission of your city or town, you can get the zoning for your hopeful office location and the area around it. By seeing the zoning information, you can see if there is anything that may limit your operations, and if there are any new highways coming in, or new construction slated.
* Leases: Do you want to keep your business in its proposed location for five years, ten years, or forever? These are important considerations when you sign a lease for your company.
What to Consider With Your Lease
Your lease is important because it gives you the exclusive use of that location for however long you signed the lease. There are important considerations for the lease. First, does the lease sit at a fixed monthly rate? Some business leases fluctuate depending on the sales volume. This can be good and bad. While in tough months you don't pay as much, when you do well you are paying more.
Second, does the landlord give you the ability to change the office space to suit your needs? Some landlords will not allow this and that can cause problems if you have look in mind for your company office. Third, do you have special needs for your company? For example, do you need a certain amount of parking. Do you need a high-end air conditioner for a server room in your office? Are there other types of installations you need for your company?
Don't Rush Things
One of the biggest mistakes you can make with your decision to find an office location for your company is to rush the decision. There are several factors you need to assess before you make the right decision. You need the right population density in the area around your office, you need to have an office that is accessible by both car and public transit, and you need an office that is of an adequate size for you and your employees.
Also, make sure you get an office that you can afford. While having a big office early in your company's life may seem like a good idea, you may not be able to afford it. Start small and you can expand when the time is right. Realtors can be a helpful resource in finding your first office location.
What the Right Location Will Have
Your new location may not have all of these characteristics, but finding one with some of them will make your business much more successful.
1. You want your business to be visible. Therefore, having a free-standing building on a corner lot, or in a strip mall, are both prime locations for your business. You want your company's sign to be easily read by those who are driving or walking by your office.
2. Nothing is better than brand awareness. It can be achieved if you are in a high-traffic location. Talk to a realtor or a demographic firm to find out the traffic count of the locations you are considering.
3. If your company is not accessible, then your customers are not going to come in. If you are on the wrong side of the highway and left-hand turns from the other side are not allowed, it will be difficult to get customers to come to your business. Make things easy for them by choosing an accessible business.
4. If your customers are worried about being mugged when they come to you for help, they will just go somewhere else. Also think of the costs associated with repairing your own business after repeated break-ins.
Location is one of your biggest considerations with your company. Many businesses don't succeed because they chose the wrong location. Don't let that happen to you.
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