Choosing right location for business
Cthe right location for your business is one of the most important decisions you will make, which is why you must do your homework and answer all of the relevant questions.
◗ The location you choose for your business is a monumental decision that needs to be carefully considered.
◗ Price and acquiring a loan are arguably the most important aspects of finding the right location for your business.
◗ Factor in what competitors and other businesses are nearby before making a final decision.
It’s also important to consider your needs as a business owner before deciding on a location.
A guesthouse owner situated at Lonhlupheko said “Getting the best location for your business puts you at an advantage, like my guesthouse, it is located at Lonhlupheko between Siteki and Simunye and people visiting the areas around get to book at my place for a stay.
“This is also because the business is nearby the main road and this result to quite the number of guests booking here.”
If you’re not running a retail or restaurant-type business and therefore won’t need to rely on foot traffic, it’s important to consider access for other business needs.
This can mean supply deliveries, client meetings and warehouse or major storage space for your business. By analysing your options and defining your needs, you’re well on your way to finding the right business space for you.
Factors to consider as you look for a business location:
How important is the location to your business?
This may seem like an obvious question, but consider how location will impact your business. A retail store’s location varies widely compared to a central office’s headquarters. Consider your customers and clients, as well as your employees, when deciding the impact location can have on your business. You want to choose a location that makes the most sense for everyone.
Will your business receive ongoing shipments of goods?
If you’re working in the industrial sector, or you’re running a business that receives large supplies of goods, pick a location with warehouse storage space and easy delivery options for clients and customers. A business that specialises in shipping and holding goods needs certain structural amenities, like loading docks.
Will you conduct meetings at your business site?
Again, consider how your clients and customers will see your location.
If you meet with customers and clients regularly, you need an accessible location. It also needs to have reception areas, waiting rooms and conference rooms so you can meet with multiple clients and customers throughout the day.
Will you, your customers or employees need dedicated parking? Consider the size of your company when choosing a business location. Your employees will likely have to drive to your location. If that’s the case, is parking available? Similarly, if you’re meeting regularly with clients and customers, you need convenient parking options for them. Sometimes the most important aspect of a business location is the parking options that exist around it.