In the minds of many, starting a business is easy. All you need to do to start a business is to have a fantastic concept and the money to fund it. Right? Yes and no, I suppose. Even though everyone can launch a business, not everyone is suited for the role of entrepreneur. It takes hard work, dedication, and sacrifice—not to mention a fair amount of planning—to make that dream of yours come true.
Making your entrepreneurial dreams, a reality begins with locating the appropriate space for your company. Working from home on simple tasks or spending hours commuting to an office every day are both trade-offs you need to consider when choosing where to set up shop as a small business owner. When selecting the ideal location for your business, whether you're looking for office space or industrial real estate, there are a few essential factors to keep in mind.
Location, Location, Location
If you want to open a shoe store, you should not set up shop in an area that has a high percentage of dairy producers. Your location needs to be consistent with the type of customers you want to attract. In most cases, this means you need to select a location that is close to where your customers are.
The kind of personnel you want to acquire and also keep heavily depends on choosing a location that is compatible with the kind of business you want to run. If the majority of your business is in the service industry, you should locate it where customers can afford your goods or services. If you are in a manufacturing business, you want to be where there are people who can do the type of work your company needs.
Choose a Place that Supports your Business Strategy
If you are a brand new company, you might want to consider taking a low-rent location with a longer-term lease. The up-front savings will allow you to get your business off the ground with a lower cash outlay. This is especially true if you don't have a lot of cash on hand to fund your business. While this might be a place where you could be there for a long time, that's OK.
Starting out in less expensive digs can give you time to get your business growing and profitable. From there, you can take advantage of a rising business to negotiate a better lease that's more suitable for your business. If your business has a long-term strategy, a low-rent location can help you get started without having to jump into a lease that is too expensive for a company that is just starting out.
Be Close to Your Customers
If possible, you want to be in a location that is close to your core customers. This way, you can get them in and out quickly and efficiently. Additionally, you want to be close to other businesses that can help you grow your business and/or provide services that will help you succeed. If you are a real estate agent, you want to be in a location where there are people who want to buy or sell real estate. If you are a landscape designer, you want to be close to the people who want their yards and gardens designed and maintained. There are also factors that might be more important than location when it comes to your customers. If you are a dentist, for example, you want to be as close as possible to your patients.
Take Advantage of Rebuilding Efforts
If your business is in a heavily damaged area or one that is being rebuilt, you might be able to get a good deal on a lease or a low-rent space. This is especially true if the owner of the building you would like to lease is anxious to fill the empty space and therefore be able to collect rent on it. In some cases, owners might be willing to take a loss on their rent in exchange for having someone in the space. This is especially true if the location is needed for other reasons. If you are a contractor that needs a place to store equipment or materials or a place to do repairs, you might be able to negotiate a deal that includes reduced rent or even free rent.
Be in an Environment that Helps You Recruit and Retain Great Employees
If you are a business that needs to attract and retain quality employees; you want to be in an area where they want to live. If you are a hospital, for example, you want to be in a place where people want to live and work. If your business is in an area where the quality of life is high, you will have an easier time attracting and keeping the best employees. If you are in a location that does not have a high quality of life, you will have to pay your employees more and will have a harder time getting the best people for your business.
Finding Office Space: How to Succeed in Finding the Right Place
If you are looking to rent office space, start by talking to owners of commercial real estate and brokers. You can also check out online sources for commercial real estate for lease or sale or even check out the classified ads in your local newspaper. If you are looking for a long-term lease, get a real estate agent and/or commercial real estate broker involved right away. Make sure you don't lose out on a wonderful opportunity by waiting too long to take action. You might be able to work directly with the owner of the business property you are interested in if you are searching for a short-term lease.
Location-Based Services You Need for Your Business
For most businesses, location awareness is key to success. Whether you sell products or provide services, the best way to reach customers is by understanding their needs and being there for them when they need you most. Location awareness helps you do this by keeping track of your staff, products, or inventory in real-time.
For example, a construction company can use location awareness to track the job sites of their workers, sending them push notifications when they're late, or there's inclement weather. In the same way, a retail business can use location awareness to track its products and inventory, sending push notifications when they're low on a particular item.
A location-based service can also be used to track the movements of your customers. This information can be used to profile their behavior, which in turn can be used to better tailor your services and products to their needs.
Conclusion
No matter which type of business you are running, it is essential to find the perfect location. Whether you operate a retail store, office, or manufacturing facility, the location is a critical component of your business strategy. If you can't find the ideal location due to high rent or other factors, there are ways to make it work. You can find a great space for less by scouring classified ads or working with a commercial real estate broker. Visit SYP.net to learn more about how to best establish and grow your business.