Aris Tsangaris
In today's ever-evolving business world, finding the right spot for your venture is a big deal. Whether you're kickstarting a new project or spreading your wings, where you establish your base is a game-changer. So, let's consider what really matters when choosing your business's new location.
Unlocking the Ideal Location: Key Questions to Consider
1. Who Are Your Customers?
Start by asking yourself: who's your target market? Knowing this helps you figure out where your business should be. Are they close by, or do they live across the globe? Is proximity to your clients pivotal? Answer these questions, and you've already narrowed down the list of possible locations.
2. Connect with Suppliers
Establishing strong connections with your suppliers can save you big bucks and make your life easier. So, how far away are they? Where would the distance between you be eliminated or most efficiently reduced?
3. Where's Your Dream Team?
A talented team can make or break your business. Consider where you can find the skilled professionals you need to succeed. Conduct market research to identify areas with a ready supply of workforce in your industry.
4. Local Rules
Every place has its rules. Do your homework on local regulations and taxes to ensure they won't limit your operations and that they are in your business's favor.
Location, Location and Location
The Vital Checklist: 5 Points to Consider + 1 Bonus Tip
It is crucial to perform a thorough location assessment when evaluating potential business locations to determine their suitability for your business. Each has different characteristics, and multiple factors need to be taken into consideration to best suit your specific case. Let’s look at some things to consider when doing a location assessment:
1. Accessibility
Evaluate accessibility, transportation options, labor availability, and the cost of living. Think about how accessible the location is for employees, customers, and suppliers. Proximity to transportation hubs like airports, ports, or major highways can be crucial.
2. Market Research
Investigate the local market to understand the demand for your products or services. Analyze demographics, consumer behavior, and local competition to determine the growth potential for your business in the area. Determine the strengths and weaknesses of local competitors and how your business can differentiate itself.
3. Regulatory Environment
Research the local regulatory and business environment. Understand local laws, taxes, and required permits or licenses for your business.
5. Cost Analysis
Calculate the overall operating costs in the chosen location, including rent or real estate costs, utilities, taxes, and labor expenses.
+1: Vibe & Future Growth
Consider the potential for future growth and expansion in the chosen location. Is it a dynamic area with room for your business to grow? Most importantly, do you envision your business thriving there in the long term? Does the chosen location have the right vibe for your business to thrive?
Choosing your business's perfect pad can be a puzzle. But by conducting thorough research and addressing these questions, you'll be on your way to finding the perfect location to set your business up for success!
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.