Choosing the right home for your business can be one of the most important decisions you make to help boost the success of your start-up.
The location will have an affect on you workforce, customer base and even the image of your business, so it is vital to take time to think about it carefully.
So, if you are launching a start-up, what factors should you consider when choosing a location to maximise the business opportunities for your enterprise?
Living for the city?
Do you want a shiny city centre location or a picturesque office in the countryside? Do you even want a physical office at all in the new world of remote working?
City centres remain a popular choice due to their proximity to a large customer base and workforce pool, along with proximity to amenities.
A recent study from NerdWallet found that London, Edinburgh, Leeds, Glasgow, Bristol and Birmingham are rated as the top cities for being friendly for start-ups.
They were rated highly for their level of monthly pay, levels of education among the local workforce, business survival rates and the size of the business population.
If your business relies on passing customers, such as in the retail or hospitality sectors, the number of people walking by can have a huge impact, so it is crucial to consider the level of footfall in your chosen location.
However, city centre locations can be costly due to higher property costs and business rates. Consider whether you can afford the higher business costs when you are starting out.
Whether urban or rural, you should also consider access to the premises for customers, staff and deliveries, if needed. Are there easy transport routes for clients and is it commutable for your staff? Are there sufficient parking spaces?
With remote working becoming mainstream, it is important to factor in the importance (and cost) of high-speed internet to ensure you are connected to your employees and customers. This is especially important if you are setting up in a rural area.
Research any restrictions
Make sure there are no planning restrictions in place for the location you want to use. It may also be worth checking if there any active planning applications nearby so you can see what other businesses may be your future neighbours.
Look out for competition
Depending on the nature of your business, you may want to avoid a spot that is home to similar businesses. Having competitors close at hand could have a negative impact on your sales and overall success, so be sure to do a tour of the area to see if there are any potential competitors in the vicinity.
Consider the image of your business
Imagine what you want customers and clients to think of your business and consider how the area could impact this. By picking a spot that aligns with your image, you can help build a brand reputation from day one.
Looking for advice to take your start-up to the next level? Contact our expert team today for support.
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