Where should you locate your business? Some expert will tell you that your business location is absolutely important to your business success; another will disagree that it doesn’t matter where your business is located. Truth is; they’re both right. How important location is for your new business depends on the type of business and the facilities and other resources you need, and where your customers are.
If you’re in retailing, or if you manufacture a product and distribution is a critical element of your overall operation, then geographic location is extremely important. If your business is information or service related, the actual location takes a back seat to whether the facility itself can meet your needs.
Thus, regardless of the nature of your business, before you start thinking of the location, you should first have a clear picture of what you must have, the things you would like to have, the things you absolutely won’t tolerate and how much you have to pay for the location. Developing a mind picture the above can be a time-consuming process that is both exciting and tedious, but it’s absolutely necessary that you give it the attention it deserves. And before you even think of jettisoning the process, remember that your business location contribute immensely to its success.
While many business mistakes can be corrected later on, a poor choice of location is difficult and sometimes impossible to repair.
Types Of Business Location
The type of location you choose depends largely on the type of business you want to venture into, however there are enough mixed-use areas and creative applications of space that you should give some thought to each type before making your final decision in choosing your business location.
For example, someone who wants to venture into restaurant business would be best suited for location where there is population.
Further, shopping centers are often situated a home residential areas, etc.—as well as retailers.
1. Home based Business Location.
This is probably the trendiest location for a business these days, and many entrepreneurs start at home and then move into commercial space as their business grows. You can run a home based business from an office in a spare bedroom, the basement, the attic—even the kitchen table. That is the beauty of home based business.
On the plus side, you do not need to worry about negotiating leases, coming up with substantial deposits or commuting. On the downside, using your room does not make for physical growth. You may also difficulty in accommodating staff and during meeting hours.
2. Retail Business Location.
Retail space comes in a variety of shapes and sizes. It may be located in enclosed malls, shopping centers, free standing buildings etc. also, retail space can be found in airports and other transportation facilities, sports stadiums, and temporary or special-event venues like exhibition booths.
3. Mobile Business Location.
Whether you’re selling to the public or to other businesses, if you have a product or service that you take to your customers, your ideal “location” may be a car, van or truck. This may take the form of home delivery service.
4. Commercial Business Location.
Commercial space includes even more options than retail. Commercial office buildings and business parks offer traditional office space geared to businesses that do not require a significant amount of pedestrian or automobile traffic for sales. You’ll find commercial office space along the road, majorly express roads, motor parks, and sometimes interspersed among suburban retail facilities.
Another office option to consider is an executive suite. In an executive suite the landlord provides receptionist and secretarial services, conference rooms and other support services as part of the business rent package.
Executive suites help you project the image of a professional operation at a more affordable cost and can be found in most commercial office areas. Some executive suites even rent their facilities by the hour to home based businesses or out-of-towners who need temporary office space.
5. Industrial Business Location.
If your business involves manufacturing or heavy distribution, then you should consider locating your business in an industrial area. First, you will need a warehouse or a plant facility, a show room facility, industrial light etc. these and many more should be your guiding factors.
Before you think of your business location, you should have been certain as to your business immediate need and future expansion.
And if your business involves receiving clients on daily basis, home based business location isn’t advisable for you due to security reason. Also for professionalism sake it is better to have a rented office space for business. However, not without considering your financial budget.