Last Updated on May 21, 2021 by MoneyVisual
When choosing a new location for your company, there is a lot to consider. And despite the pace of technological change and our reliance on the internet, there will always be a need for bricks and mortar every company needs a physical base, and deciding where this will be is a big decision. Here’s what you need to consider.
You must think about the nature of your business when deciding where to locate your office. For example, whether you rely on frequent deliveries, which will dictate how close you are to local transport links and how much space there is around the office. This might be in an out-of-town location that has a lower density of buildings.
Other companies may depend on footfall, or may entertain clients often, and have more of a need to be central and in close proximity to restaurants, bars, and a higher population. This will also mean the office is more accessible by public transport which is important for employees and clients alike. This could be a major when clients are deciding whether to choose your business over competitors and could just give you a competitive edge.
In some industries, being close to the competition pays off, while in other cases, it simply diverts too much attention away from your own offering. Too much competition in an area could be a game-changer. It’s best to look at the reasons why your competition is concentrated in a certain place perhaps there are very good reasons for it.
Location can affect the odds of a company being affected by crime, and this can influence your insurance premium, and the measures you will need to take to protect your premises and what lies inside it.
You will not only need to consider if an office is large enough for all of your current employees, but you must also bear in mind future plans for expansion. If you forecast growth in demand, for example, you don’t want your office to hinder the processes of employing more people. A move to new premises can be costly, so if you’re certain the company will be growing in the next few years or so, it isn’t a bad idea to factor this into your decision-making.
Of course, you also don’t want to be paying extra rent for too many empty seats for too long this will require striking a balance between real, concrete predictions and future plans, and refrain from overestimating.
Consider whether you will need to have your own, dedicated premises, or whether it will be more cost-effective to opt for the type of serviced office space and other startup hubs can offer. If you’re choosing the latter option, you’ll still be faced with multiple choices – one of the area’s numerous co-working spaces, or a serviced office option.
All companies have a brand – and the location of yours can work against this, or in its favor. If you’re looking to attract younger employees to train and retain from the start of their careers, for example, then moving to a younger area where there is the right talent pool is more likely to attract them.
Potential investors, clients, employees, and business partners will also judge a company partly on its location, and the right one will help them see your businesses favorably.
Whether you decide that the best option for your business is your very own premises or a shared office in Shoreditch, the location of your business can play a big part in shaping its identity and its success.
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It is quite important to check all the above-mentioned factors before locating your business from one place to another. If you locate your business somewhere there are issues with security, space, etc. that can affect your business badly. Consider all the above factors before locating your business to a new location.