How to find the best location for your business
- BY Sanjana Surbhi
Feature Writer, BusinessEx
- May 31,2018
- 10 Mins Read
For any start-up, choosing a right business location is as important as selecting the right business idea. It will involve a lot of leg-work and in-depth research. You also need to be familiar with the place as soon it will become your second home. It is one of the big steps in establishing your entrepreneurial career.
Before you start looking for a place, get a clear picture of what kind of workspace you want and how much you are able to invest. Your location must be on top in your priority list. The location might not be important for some of the businesses but for restaurants, retailers and other service-based business, location plays an important role.
Here are few tips to consider for finding a perfect location for your business:
You are just setting up a new business and you must have a limited budget for all the investments. So, ask yourself once, can you and your employees afford this place? Parking charges, any renovation will be added on. Find a suitable and cheaper place. It might take time but you know, “Great things take time.”
Is there any parking space? Not only for you but for your customers too. No one wants to park a kilometre away from their place of appointment. In fact, at times the city planning board will not allow you to operate in a place where there is no parking space. It might sound not-so-important but it is.
Know your customers
You must know the audience you are targeting. That will help you to figure out the location more accurately. For example: If you have a salon then generally people feel like going somewhere nearby their homes. So opt for any residential area. This will also increase your customer base.
It doesn’t mean your start-up should be in the heart of the city. It can be somewhere near shopping complexes, malls, and game plaza. You can directly enjoy customer’s attention as well as traffic. It must be easy to find and can be easily located in a Google map.
If your company has a different product as compared to the existing market, then likely more customers will come to you. Sometimes, competitions are healthy. Like there are places which have a plethora of restaurants if your quality, quantity, and price are better then more people will come to you. This will motivate you also to work and get better. Keep in mind that there are some specific products shops like parts of cars or any other vehicle, so if you are planning to open the same shop, do it in some other location.
Know about the history of your location
The brokers will show you some amazing sites but make sure to research about that place. Ask the localities about the previous businesses office or why did they leave. Might be the previous businesses were successful but know what business were they doing. Your business can be totally different from them.
You saw a great place that too in a location you wanted but do not ignore the infrastructure. Many building might be old and needs renovation every month. Or it may not support the modern equipment or high-tech machinery. Make sure the building has proper wiring and electrical connections. Hire someone who can look all these infrastructure problems. So, in future, you don’t have to face any problem.
You need to consider the above factors while finding a location. Make a list of your priorities and then start looking. This will make your work easier and faster. Do your research and then take this decision.
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