Picking the right location is critical for any business, which is why this decision should never be made on a whim.
Before you begin the shopping process, you must have a clear idea about what you want, what you absolutely do not want, and, of course, your budget. Often, constructing this picture can be tedious and time-consuming but it is essential and should be given the appropriate amount of time and attention. A lot of startup errors can be rectified later on; a location, however, is one of the few exceptions (in most cases).
To help you make this all-important decision, Michael E Weintraub Esq discusses a few factors to consider when choosing a business location.
Choosing a Business Location – Factors to Consider by Michael E Weintraub Esq:
Factor 1 by Michael E Weintraub Esq – Budget:
Of course, rent would be the major portion of your recurring facilities expenses. However, you also need to factor in the cost of utilities (depending upon your lease, utilities may or may not have been already incorporated). Also, obtain details about the company’s security deposit, as well as hidden charges like renovations, taxes, and utility upgrades.
Factor 2 by Michael E Weintraub Esq – Safety:
Michael E Weintraub Esq feels that the importance of a location where you feel protected and safe enough to conduct your business should never be underestimated. Alongside the safety of your own self, employees, and customers, you should also think about the safety of the business itself. This is particularly important for businesses that hold inventory or those that frequently operate after dark.
Factor 3 by Michael E Weintraub Esq – Foot Traffic:
If you are a retail business, you need to be situated in an area with sufficient foot traffic. You do not want to establish your business in a location where most pedestrians will end up ignoring your setup.
On the other hand, if your business requires quiet and confidentiality, you would want to avoid picking a location with high traffic.
If you have a potential location in mind, Michael E Weintraub Esq recommends monitoring the traffic situation in the area on different times and days to see if pedestrian traffic volume is adequate for you.
Factor 4 by Michael E Weintraub Esq – Closeness to Other Services and Businesses:
This factor should be assessed in two distinct ways. One, see if you can benefit from being in proximity to other businesses – for instance, you could leverage the foot traffic that those existing businesses are creating. It might be convenient and easy for those businesses and their employees to use your services (or for you to use theirs).
Second, see how the presence of different services and businesses will improve the attractiveness of your own workplace. Restaurants, daycare services, and various shops and stores can all serve as the deciding factors in making a potential employee join your company instead of a competitor’s.
Michael E Weintraub Esq says that choosing an ideal business location requires you to think not just like a business owner, but also from the point-of-view of your employees, customers, vendors, and suppliers. Make sure that you consider every factor while formulating your location strategy, so that you can find the perfect spot to set up shop.