Are you starting your business? Wondering how to choose your business location?
Where you are going to set up your business will greatly influence its development. To ensure the growth of your business, you must set up your activity in a place conducive to its success. It is therefore important to carefully study the criteria relating to location, cost, and facilities when choosing your business location.
To help you in your search Vacation Rentals for Remote Work, here are 4 tips and things to consider when choosing the best location for your business.
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What are your business needs?
This first question is essential. Depending on the sector of activity of your company, your location needs will change significantly. You could consider shared offices in city centers as well as more spacious premises in the regions. You must therefore start by establishing a list of essential criteria for the development of your business.
Depending on your activity, you might need:
- Storage spaces
- Accessibility for deliveries
- Quiet offices
- A busy area
Meeting or conference spaces
Many other criteria can be taken into account. The key is to identify which ones will meet your business needs. After clarifying your business needs, the next step is to consider the needs of your customers and employees.
Needs of your customers
The good development of your company obviously requires its customers. Most of the time, you have to choose your business location based on its visibility, to attract new customers. Your workplace must therefore be strategically targeted according to your clientele and their needs.
If you are a merchant, it is interesting to choose shopping centers or busy streets to guarantee more visits and notoriety. Your customers will travel to certain specific sectors to find what they are looking for. Plus, your competitors are probably there. Place yourself according to them!
Conducting market research will help you learn more about your customer base, as well as your competitors. In addition, the neighborhood with other companies in sectors complementary to yours could be conducive to the development of your company. You could create new partnerships, make yourself known and attract more customers!
Needs of your employees
A growing company needs to recruit labor to support its growth. One of the first selection criteria is therefore your need in terms of manpower. Where is the skilled labor you will need?
For example, you are creating an interior design agency. But you decide to settle in an area more than an hour from the city. In this context, there is little chance of finding sufficient qualified professionals. In addition, you will not have the necessary visibility and accessibility with your target customers.
The following aspects must therefore be considered when choosing your business location:
- Does the region have qualified professionals in your field?
- Would the workplace be within a reasonable distance for your employees?
- Is the site easily accessible (parking, transport, etc.)?
In addition, you must consider the attractiveness of the location you choose. You get significant benefits for your employees if the workplace is close to:
- Restaurants
- grocery stores
- Daycare centers
- Housing
- Parks
Once these first aspects have been clarified, you can identify the precise geographical area where you are going to set up your business.
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Geographical location
To start, think big. Think province, city, neighborhood … and ask yourself which area would be most conducive to your growth. You may choose to locate near your competition to attract more customers, but perhaps not next door.
The address of your location speaks for you. Installing a digital marketing agency in the industrial areas of Montreal does not have the same impact as having its address in the city center or in the Old Port. Although costs vary by location, location influences your business image.
Once you have clarified these points. You can focus on the practical aspects of the areas you are targeting such as:
- Proximity to public transport (metro, bus, shared bikes, etc.)
- Nearby parking
- Accessibility for people with reduced mobility
Keep a list of several location choices for your business, then you can evaluate the possibilities based on market prices and your resources.
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Cost
Remote Worker vacation rentals – Rent is a significant part of your business expenses. The cost of your rent must be adapted to the potential and the financial capacities of your company . Choosing your business location involves finding a balance between desires and possibilities.
In addition to the basic cost of rent, you must consider the hidden and extra costs that would not be mentioned in your lease such as:
- Cleaning fee
- Hospitality or security costs
- Parking costs
- Additional charges
Also, remember to find out about business taxes to add to your installation costs. The total cost of your rent includes all these aspects, so avoid surprises!
- The building
Finally, the building infrastructure must meet your needs. You must therefore inspect the entire building to ensure that it corresponds perfectly, or almost, to your search before signing a lease.
Some buildings can hide certain disadvantages. When it comes to choosing your business location, you want to find a place that’s as comfortable as it is practical. For example, consider checking whether:
- Heating is working
- There is air conditioning
- The insulation is well done
The size must also be adapted to the potential expansion of your business. Moving several times in a few years is undesirable and can be expensive. Building efficiency is also important. There must be all the necessary facilities for the operation of your business. Especially:
- Internet and telecommunications installations in general
- Conference rooms
- A reception or/or a waiting room
- The needs and wishes of your employees
Depending on your abilities, you could afford certain extras that will increase the quality of life at work for your employees. Some offices have extras such as:
- Food
- Terrace
- Restrooms
You now have the various selection criteria to choose the ideal location for your business. So, start your research and propel your business in the best conditions with a location of choice!
Nikhil Kore