Choosing a location for your business
Where your business is located can be vital to its success.
You might start off running a business from home, especially if you are providing a service.
If you're going to operate your business outside of home, your choice of location isn't a once-only decision. Review the situation if you're buying an established business, when you renew a lease, or if you're considering establishing a new outlet.
Different industry = different needs
The key to choosing the right location is to balance competing priorities.
Thinking retail? You'll be looking at your need for street frontage and proximity to passing traffic, and the impact of high rent on your profitability,
Thinking manufacturing? You'll be looking at your operation's need for space, as well as the availability of raw materials and skilled labour.
Before choosing your location, consider:
- leasing options
- set-up overheads and transport costs
- traffic flows
- customer access and visibility
- siting of competition
- future expansion possibilities.
When you have a location in mind, consider:
- local council services and restrictions
- zoning regulations
- demographics, defining features, and history of the local environment.
You might also talk to potential neighbours and people operating businesses in the area.