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Giving your business a good space to grow in

Placing your business in a good location is one of the critical steps in transforming it into something big. And it is not just about the location, it is about finding the right place where your customers will be able to locate and approach you easily. While being well within your budget, it should also place your business in a comfort zone in this competitive market. Having said all that, it must also be close to the dream you have envisioned for your firm. Before you set out looking for your ideal corporate space, you must ensure that you have clarity about your exact requirements in terms of various factors of the present and the future. Here is a systematic approach to the whole process, which will help you find the best property for your company.

1. Chart out your requirements

Draw up a list of what factors you must consider important for your business.

  • A lot depends on the style of your operation: casual and laid back or formal and elegant. Your premises should match with your business image.
  • If you are into retail, then consider whether you want your store to be traditional or mall-styled.
  • Think of who your target customers are and how you would cater to their needs. Is your client base local or global? It is important to take in account the community profile and the economic level of your audience.
  • Think about your employees, their skills and talents and what their needs would be. It is also important to scale the workspace with a futuristic idea so as to accommodate growth.
  • 2. Set your budget limitations

    Getting your finances right is imperative for any business. While shopping for a business location, it greatly helps if you have a clear idea of your budget. Draw both lower and upper limits to how much you can afford to shell out. Take into account initial buying costs, including cost for legal procedures and insurance, then add on costs such as alterations, renovation, fittings, reinforcements, as well as cost of adding aesthetics and safety features to the premises. It is also wise to consider recurring costs such as rents, utility harges and other bills.

    3. Pick your location

    Depending on the nature of your business, choosing the right location can give your brand image a great boost. While everyone wants to be in a prime location in the heart of the city, everyone cannot afford the same. So, think of what other areas would suit your business. Look at traffic issues, connectivity by different modes of transport, local amenities such as banks, restaurants, etc.

    4. Building amenities and infrastructure

    If you have made your choice of building, it is now time to look at other amenities the premises has in place, such as good spacious parking, fast and easy access to elevators, safety and security systems, trucking and courier services, and air conditioning system. The building should also allow you the option to expand your workspace as and when required. Also look at whether the premises allows you to carry out the operations that your business involves, and whether the corporate center has any policies or restrictions in this regard.

    5. Consider competition

    Being around competition can be both good and bad depending on what kind of business you are into. Industries where comparison shopping is popular or real estate agencies benefit from being in close proximity to their competitors, businesses selling fresh produce, groceries and others may fail to thrive in clusters of similar businesses. Think about how competition is going to influence your business and brand image. Sometimes other firms’ loss (both customers and workforce) could prove to be your gain while the opposite can also happen.

    These are a few basic points you can consider while looking for your business space. Besides these, there are other important aspects such as legal specifications of a location, zoning restrictions of the area, neighboring business influences, history and image of the property, and its public value. Location has a major impact on the finances and the appearance of your business. Thus, it is worth spending a good amount of time and effort on this task.

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