Lucy - BQ Magazine EditorStarting your own business involves many significant concerns: How will you make money? What will people think of what you do? How will you sustain growth? Am I meeting all the legal requirements and guidelines?
The questions and worries can be numerous and overwhelming. One such question that carries significant weight in the success and validity of your new venture is your choice of location and premises. These are not decisions to be taken lightly, as they can significantly impact the trajectory of your business. The weight of these decisions should not be underestimated.
If you’re not running a solo outfit that can be done from your laptop at home while watching daytime TV, then finding the perfect location is vital to setting yourself up for success.
But it isn’t just the location; it’s the premises you choose, too. By ‘premises,’ we mean the physical space where your business will operate, including the building, its layout, and any additional facilities. Both aspects, location and premises, need to work cohesively so your business can enjoy maximum benefits and traction.
These tips can ensure your new building and location work for you.
1. Accessibility
The accessible needs for your business will differ depending on what you do and the type of people visiting, but you need to be accessible. If you’re running a warehouse, you need good transport links and access to more oversized vehicles to deliver and collect your inventory. If you’re looking for an office, then parking for employees or being on local transport links is a good idea as well as being around other similar businesses. Retail units, however, need good footfall, which means a high volume of potential customers passing by, and passing traffic, which refers to the number of people passing by a location, as well as parking for customers and being accessible by bus or train routes too.
2. Adaptability
When scouting for commercial premises, it’s crucial to remember that one size does not fit all. The building you choose should be adaptable to meet your business’s evolving needs. Consider how the finished premises will benefit your business, employees, and customers and how many changes you can make to accommodate growth. This adaptability will ensure you’re prepared for whatever the future holds.
What opportunities for growth are there? Will you grow out of the space? Are you best looking for land where you can install industrial sheds to give you flexibility and more control? Or is a small office sufficient and will last you many years?
3. Competition
Competition can influence your choice of location and premises in two different ways. If there is an established business with regular custom, it might indicate that you, too, can be successful here, and setting up is a good idea as there is a market for what you do. But on the flip side, it might not be a good idea as there is established competition that could be difficult to compete against, making getting started more difficult. Understanding and strategically considering the role of competition in your decision-making process will make you a more thoughtful and strategic entrepreneur.
Before settling on a location, it is essential to conduct a thorough assessment of the local competition. This step will give you confidence that the competition, or lack thereof, will work in your favour and not hinder your business’s growth.