Starting up your own business will leave you with a lot of questions that need answering. You need to think about the roles that need to be filled, supplies that need to be bought, and much, much more. It can often be difficult to keep track of all the areas of a business that need to be covered.
Before you start looking into any internal details of the business, you need to consider where your business will be located. Based on the industry your business is in, these factors may vary. But overall, you should consider some of the following aspects prior to deciding on the location.
Business Rates
You can’t ignore any financial aspects of your business. There’s a lot of ways in which a certain location can impact this. This means it is essential to look into rates prior to deciding on the business’ location. Firstly, you need to look at how much business owners pay for rent in your target area, as well as taxes. You’ll also have to look at utility bills. Electricity costs can differ in different areas, as can water bills. If you need a quote on your water prices, you can do so at Business Water Quotes.
Security
This is an important factor, especially if your business will hold many valuable items. Depending on the location you decide to settle into, you could be more affected by crime. Areas that have common and frequent crime incidents may not be the best location for your business. This could have a very harmful impact on your business. From costs due to a result of theft or vandalism, to deterring potential customers from your business, it’s best to stay away from areas with high crime rates. Even being able to identify the risks in an area could massively benefit the business.
Accessibility
Depending on the industry your business is in, accessibility could be decisive in terms of it being successful or not. Firstly, are you going to require frequent deliveries? If so, you need to locate in a place where you can have easy access to receive deliveries.
If you own a business that is going to rely largely on foot traffic, you should consider locating centrally in a town or densely populated area. The likes of retailers will see many of their customers walk in just by passing by, so it’s important to be in an area with high footfall. If you offer a service, make sure that your business is in some way accessible via public transport.
Competition
If you’re a new business seeking its first location, it probably isn’t a good idea to locate right beside a competitor. You may struggle to get consumers in the door if your neighbour is trusted and loved in the same industry. You should also look at areas where your industry would be a novel addition. Residents in this area could be anticipating your wares and you will really benefit from being the only business in the area.