Six Things You Should Take Into Consideration When Choosing Your Business Premises

Despite the rate that technology and digital enterprise is growing, there is almost always a need for bricks and mortar presence, whether it’s somewhere for your staff to work, store your stock, or to have a physical brand presence for your customers.

There is much consideration that you should make when choosing a location for your business, from looking at heritage consultancy if you are planning to purpose-build through to footfall if you are looking for a physical presence store. 

Let’s have a look at six of the things you should be taking into consideration below: 

The Accessibility

If you rely on frequent deliveries, it is essential that you think about the local transport links especially the motorways and main roads. You may find that property rental or purchase costs are higher in areas that are more commercialised, so there can be benefits if you look for an out of town location, as long as your daily business operations won’t be affected by poor transport links.  

If you also rely on high customer footfall, then you need to endure that your location is accessible by road and possibly train. You shouldn’t neglect your employees either, a good location means you are opening yourself up to a larger pool for recruitment. 

The Security

Your location can have an impact on the crime rates, this, in turn, can impact your insurance costs as well as mean you may need additional security measures in order to keep your place safe. Researching the crime rates in your potential location is an essential part of the decision process. This can help you to make an informed decision. It can also help you to prepare for any precautions that you need to take. 

The Competition

Your location is also important when thinking about how close you are to your competition. This can be critical to your success. Looking at the competition in your area and what they offer can help you choose the right location for your business. If the competition is high you may want to consider expanding your location search. There are, of course, expectations to this, for example, if you have a car dealership is can work in your favour the be near your competition, especially if you know you are offering a better deal. 

The Business Rates

It’s not a myth that money talks. And your cash flow is critical because it determines how viable it is for your business to survive and pay any bills. This makes it important to look up the average business rates including utility bills, rent, and taxes in the area you are looking at to ensure you are able to afford the premises that you want. Hidden costs such as the need to pay for parking or deposits can be found out before you commit to a location. If you have staff who are moving with you, then you can also prepare them for any changes, such as if they are currently getting free parking but they will need to pay for it in the new premises. If you estimate the living cost in your new location it will stop a commitment that is beyond your means. 

The Skill Base In The Area

It is a good idea to have a look at the skill base in the area, can it meet your needs? You should also take into account the employment rates in the area. If you need to have skilled workers then it is a good idea to choose a location that will fulfil your needs. Employees should be seen as your biggest asset, therefore, choosing a location that lacks the skills you need may be the start of your downfall. If you speak to the recruitment agencies in the area, they may be able ot send you some of the CV’s they currently have so you can gauge the talent in the area. 

The Potential For Growth

Will the premises that you are looking at be able to accommodate you if your demand and business growth? Moving to a new location and premises can be time-consuming and costly therefore you want to minimise the number of times you need ot do this. Is the premises you are thinking about going to be a short-term location or is it going to be for the long-haul? 

While an ideal business location is going to be different for every business, it is important for you to cover the crucial areas that will help you to beat the odds and keep your business on track for success int he future.