“Location, location, location” is a mantra oft repeated in the world of real estate. But does it also hold true when it comes to the physical location of your business? Particularly in an age where the internet has made a physical business presence that much less relevant than it has traditionally been? The short answer is still yes. For the long answer, however, please read on.
The right place at the right time
Having a well-positioned physical business location gives you more direct access to transport, materials and, most crucially, customers. Any business with ambitions to operate outside of the digital realm needs to have a solid location strategy in place.
Any business that sells goods or services needs decent access not only for their supply but so that customers can easily access the establishment. This is why high streets and shopping malls exist – to create business ‘hubs’ where customers are likely to find what they need. It’s also why rental space in these prime locations is so highly sought after. If your business is located on a busy street, for example, as opposed to a side street, it is far more likely to attract passing trade. For offices that don’t require much passing trade meanwhile, these side street locations are more desirable as they are generally more affordable.
Taxes and expenses
As previously mentioned, aside from access, one of the major factors to consider in your business location strategy is the expense. It might sometimes be preferable, for example, for a small businesses located in California to open in a more cost-effective area outside of Los Angeles before moving to a busier location Downtown once trade picks up and it is more comfortable in its own skin. It’s also worth taking into account how your location will affect the taxes and regulations your business will be expected to pay and to follow. Pay attention to the laws of the local land before making your final decision.
If your business is going to be operating in an area where there is a competitor that sells a similar product or service, you might want to reconsider your choices. Starting your business in an area with less direct competitors is bound to have a positive effect on your bottom line.
Even if your business is one that doesn’t rely on customer ‘traffic’ and you’re simply looking for office space – location is still of vital importance. Our spaces shape us – including our employees and how we conduct business. That’s why partnering with a company such as GVA Worldwide is such a wonderful idea as they will help match businesses with real estate that makes sense for them. So being strategic about your office location is certainly something that can prove immensity beneficial as long as you‘re willing to be flexible and take advice on board.
Image Credits: Nastuh Abootalebi