- By Steven Hays
- Published 04/30/2012
How important is the location of your business for its success? The answer is – it depends on the type of business you operate. If you operate an online business, the geographical location hardly matters. However, when you are operating a retail or industrial business, location would be on of the important factors affecting success.
Before you start searching for new business locations, the first thing you need to do is note down certain points including the things you would need, the things you would like to have and the capital you may invest for the location. Different businesses make it necessary to find different locations.
If you are starting a new business, you may choose to operate from your home. The trend of home based businesses is fast catching up. However, this is suitable only if you operate a small business or starting out a venture. As your business grows, you may need to invest in a space to set up an office.
Some businesses require reaching out to the general public or other businesses for selling their products and services. If your business requires door-to-door sales, opting for a mobile location, like a car or a truck may be a better idea than purchasing or renting an office space.
Commercial locations of different types suit different businesses. The factor affecting the choice of location in such a circumstance is the business activities you are involved in. A few illustrations would help understand which location would suit which business type.
A business which needs to attract potential customers to its products and services needs to find a location where the pedestrian and drive-by traffic is high. For example, a dress shop or a gift shop would profit more if it is located inside a shopping mall or in a downtown shopping area.
On the other hand, a business which customers seek out may benefit from a location that is easily accessible by public and private modes of transport. For example, a childcare centre or a beauty salon needs to be within a safe and popular neighbourhood and accessible by major roads.
Again, some businesses do not require attracting customers. However, they may need space for the employees. For such businesses, an office space may be more appropriate. You need to find such an office space in the business districts of the city or suburban area of your choice.
If the business activity you are involved in is manufacturing and storing goods, the business location needs to cater to this purpose. For such businesses, industrial properties and parks located near the transport links is essential. Consider the type of facilities you need in the industrial property before selecting one.
The business sector in which you are planning to invest also affects your choice of location. For example, the marine, defence and aerospace industry of the UK exhibited growth and development whatever the economic conditions. It is a wise decision to invest in such economic sectors that exhibited success even in times of crisis.
Author Bio: Steven Hayes works as a business consultant and is based in Hampshire. He provides tips and suggestions for businesses looking for new business locationsregarding the way to conduct this search.