Location, location, location: we all know the first three most important factors when it comes to real estate. For business spaces, location is one of the most important things to look at, too. Here’s why you really need to consider your area of choice before making a decision on a new office or retail space – as it could have a huge impact on your business.
1. To attract the right talent
You want to have the best of the best working for your company, in order to ensure that you can grow profits year on year, dominate the market, and become known for innovation and quality. But those talented people are normally found in the same areas: normally larger cities and areas of great commerce. You won’t find them in the middle of the countryside, or a city with a poor record. They’re in Manchester, London, and other big metropolitan centres.
2. To get a fair price
There’s a balance to strike between being in the middle of the action and getting the best price. Being on the outskirts of a major city can often help you to find this balance, as the prices are lower but you still have access to great opportunities.
3. To bring in customers
Even if you’re an online-only business, you’ll still want to meet with investors, partners, clients, wholesalers, and suppliers. Setting yourself up in an area that is hard to reach will make it hard to spread the word and grow your business.
4. To get access to funding
There are a number of funding opportunities available for businesses, from the small and start-up to the large and growing. Many of these opportunities are tied to certain areas, however. These tend to be in either large commerce capitals or in places that are up-and-coming, where there is opportunity to be gained and investment waiting to be given.
5. To give prestige
The address of your business will be included in correspondence, on your website, and on your filing with Companies House. Why not choose an address that will impress? The better the location you choose, the more cachet this might have with your audience.
6. To realise your potential
Having room to expand is really important for a growing business, and the flexibility to use that room – without having to over-extend yourself – can make a huge difference. Be ready to jump to the next level when the time comes by choosing a business space that fits your needs both now an for the future, or has the potential to be added or extended when you want to.
Location can make or break your business, particularly if you are a start-up or a physical retail business. Make the right choice by checking off this list and making sure that all criteria are met. From choosing a part of the country to narrowing it down to a specific office space, you need to know that you’ve made the right decision!