How to pick the perfect location for your business – Enterprise Podcast Network

Are you one of the 64% of Brits who want to set up their own business? Rising to 83% of 18-24-year-olds, the 2021 statistics from SME Loans’ survey show a country chomping at the bit to find their own professional success, but there are plenty of things to consider when starting out – one of the most crucial being the location. In this guide, learn how to pick the perfect location for your business and put your new concern on firm footing for a positive, successful future.

Photo by Nao Triponez from Pexels

Is your business online?

If the pandemic has shown us anything, it’s that work can most certainly be conducted remotely. Even the World Bank agrees – in 2019 it noted in its World Development Report that physical location was no longer required when doing business in a market, although a business-friendly environment did matter.

If you plan on operating your business over the internet, you could be perfectly able to work from home. Doing so could save you a considerable amount of money on your overheads too. Just beware that if you live in a council house or rented accommodation, you will need written permission from your council or landlord, respectively.

Is your business in person?

If you won’t be working from home, there are several options open to you, including a bricks-and-mortar store (whether that’s high street, industrial estate, train station, airport, etc.), commercial office, industrial site, or mobile business.

The type of business location is wholly dependent on what your business does – a mobile catering business will require a van and not be tied down by location, while a high-street store will be dependent on the right location for footfall, from the right type of customer. 

Do you care about noise?

We all need to concentrate at work, especially those in quieter, more professional occupations. If that sounds you, it can be a good idea to take a sound level meter with you when you look around premises, perhaps choosing an office with less ambient sound than others – perfect for promoting good concentration.

What about your budget?

Budgeting properly is a critical concern when choosing a business location. Your business plan should articulate what your business’ projected revenue and costs will be when you begin, and too expensive a choice of premises can truly throw these figures out and put your business in the red. 

Think about your brand

If your business is heavily branded, perhaps towards a certain audience or segment, then your location will be influenced in kind. For instance, if you wish to open a high-end restaurant, your premises will be restricted to the more affluent or up-and-coming areas of town. A fashionable clothes store won’t do well in a remote village. And an advertising agency gunning for international clients might be hamstrung if it’s operating out of a grey industrial estate.

Are you a business owner? Let us know how you came to select your company’s location in the comments section.

Source link