‘Location, Location, Location’ is not just a buzz word or indeed a TV show – it is also an essential element to the success of your business. The location you choose for your business premises could be the difference between success and failure.
Knowing the demographics of your target market will enable you to choose a location that will be easily accessible to customers. By finding out where they work, eat, shop and socialise will define a location that will be near these places.
Don’t forget to check out the local competition, determine why you are different and ensure you stand out.
Additional considerations will be how you, your employees and your clients will get to the location of your business premises. Think about travel time to get to the location. Are transport links good? Is there parking onsite or nearby? What is the lighting like at night?
The nature of your business may also determine the location you choose. If you are a services business then you would require a shop front that is visible from the street. If you are selling products online a warehouse with easy access for deliveries would be more suitable. Consider the size of the property and work out how the space will work for you as the business grows.
Ensure the communication structure and facilities such as broadband, Wi-Fi, gas, electricity, lighting etc. are available and in place.
Find out exactly how much the premises costs and if there is a ground rent or maintenance charges attached to the property.
There are also legal considerations that must be taken into count such as;