How to find the best location for your business?
Finding a new location for your business can be an overwhelming task regardless of the reasons which motivated you for doing it. Maybe you want to relocate in order to accommodate the need for more space, or maybe you want to open a new branch of your company in a different city. In any case, you are entering a new territory; therefore a lot of research is required to acquire enough information on which to base your final decision.
Establish your priorities and needs
Even before you consider different options for the new location, you should have a clear picture of what you want to achieve with it. Determining the necessary requirements of the new location, especially its size, can make all the following steps in the process easier and quicker. For example, if you are interested only in office space where there will be no direct contact with customers, you should, naturally, start with determining its size (with future predictions in mind) and, in addition, consider the location’s proximity to public transport or parking the employees will be able to use. On the other hand, when looking for a retail place where customer traffic is of vital importance, other additional and relevant factors should be taken into consideration, among others the location’s visibility and its vicinity to other businesses.
Thoroughly research other businesses in the neighborhood
Researching the area of the new location cannot be overstated. Finding good evidence your services could be in demand is the base on which everything else is built. Absence of any serious competition is often a good sign for a relatively easy market penetration. However, if there is a well-established competitor, determining whether the particular area can support your presence as well can prove to be the most important question of the process.
Other businesses outside your field are also of great importance – they attract a certain kind and certain numbers of customers you could take advantage of. Similarly, the times when these potential customers are in the area and their reasons for it might prove relevant in planning your own market strategy in this area. For example, if you want to open a new restaurant, you have to determine if people come to the area for a quick lunch, longer business dinners, or if there is the demand for a simple sandwich shop with all the merchandise ready to go.
Consider possible alternatives
Sometimes all the signs point to a certain location, yet there is no appropriate space to rent there. In those cases it is best to step back, take a moment and look at the situation with different eyes in order to find an alternative solution. Maybe you can consider a place which is not ideal for your business but could be repurposed with some effort. Or maybe you can rent a much bigger place which has the option of subletting parts of it.
However, it is sometimes more sensible to build your own place. Not much space is needed to construct a fully functional and practical office space or retail facility, especially when implementing modular building design. Modular buildings are prefabricated and can be erected in a very short time. There is the possibility of combining several units in a variety of innovative modular solutions, one of which could prove to be the best answer to your needs.
Regardless of your final decision, whether to rent or repurpose an available place, or even build something completely new, try looking at this new location through the eyes of your potential customers. In this way you might become aware of other factors you failed to take into consideration. Planning for them might truly make the chosen location the very best for your needs.