Getting the location of your business premises right is critical. There is a lot to consider when making this very important decision. Get it wrong and it can end up affecting your bottom line and the speed at which you can grow your business.
Here we look at the most important considerations.
Location, Location, Location
You no doubt know that when choosing a residential property location is everything, but may not realise just how critical it is when choosing a commercial property. Your business address says a lot about your firm so if you can afford to do so go for an address that has some cache and will appeal to your customer base.
If you are working in a particular sector, try to base yourself alongside the top firms in your sector. Having an address like this can help to inspire confidence in potential clients.
Good transport links
Even in today’s always-on world where a lot of business is done remotely, transport is still vital. This is especially the case if you are a manufacturing firm or sell products, but it is also important even if you are a service provider.
A good transport network makes it easy for your customers to get to you for meetings. Areas with good transport links always attract inward investment, which means a steady stream of new clients for you.
Good transport links also improve your chances of being able to recruit the right people. If your premises are easy to commute to you will have very few problems filling vacancies.
Development plans for the area
If you know that an area is earmarked for development, and has reached the stage where funding has been secured, look at setting yourself up in that area. In the early days, these areas take off fast and can become expensive, but they offer great value for money in the early days and a long lease can save you a lot of money in the long term. You can end up in a happening area paying very low rent.
Currently, commercial property in Victoria, London is relatively cheap. The area has been identified as an ‘Opportunity Area’ by the major’s office and Westminster City Council are drawing up development plans. It is an area with superb transport links, so it will grow fast and be an excellent base for most types of business.
Proximity to your customer base
If you offer a specialist service or product, try to base yourself near your customer base. Putting yourself on the doorstep of people who want what you offer makes growing your brand easy. You should find that firms literally come knocking on your door.
At quiet times, this approach allows you to go out looking for clients if business is slow. Marketing online is important, but the direct personal approach still works really well.
Naturally, you need to do your research when it comes to how much you pay for your business premises. It is important to understand exactly what you are paying for. If you are offered serviced offices, you need to know exactly which services are included and which are not. You also need to factor in business rates and maintenance charges. These may not be included in the rent.
When you find an area you like take the time to look at properties with a half-mile or so radius of your favoured location. By moving away very slightly from your preferred location, you can potentially save hundreds on the rent.