Locating Your New Business: Where to Start?
Location, location, location shouldn’t just be the phrase on property developers’ lips, it’s also a crucial component of business success. Choosing where to base your company, though, is dependent on a host of different factors. Here’s what you need to know.
Relocating or Expanding Your Business?
There are many reasons you may feel that this is the right time to relocate or expand your business into another area. Perhaps you feel that you’ve made the most out of your potential customer base in your current location and decided it can’t support your long-term ambitions. Similarly, if a competitor has closed down in an another area, you may feel that this is an opportune time to capitalize and take advantage of this gap in the market.
Whatever your motive, though, it’s crucial that you research the location thoroughly. The transition into a new area can be a costly undertaking, so you’ll need to ask yourself what unique products or services your company can offer to this new market.
Can the Area Support You?
When researching an area to expand your business into, the first thing any business owner should do is calculate if the area can support their business. You should take into account the number of potential competitors to your business, the regular household income of the community, and if there are any future redevelopments that could effect your plans. If there is no sustainable market for your services, you may have to consider expanding or relocating your company elsewhere.
How to Test a Potential New Area
One of the ways you can determine the viability of a new locale is to test the waters from a temporary premises. There are many specialists that aim to provide fast, low-cost solutions to minimise the risks typically associated with expansion. These can last from a few months to a few years, depending on the needs of the client.
Making the Most of Your Stay
You may feel that a pop-up store or other temporary structure wouldn’t adequately reflect the quality of your typical premises. In actuality, buildings can be constructed to your own customisable designs and made to reflect the overall image and brand that a permanent outlet could reflect so your company’s reputation will not be compromised.
When you feel confident that you’ve made the right decision, take a look at the GVA property search tool to see what properties are available in the area. Your temporary solution can be quickly dismantled and allow you to efficiently transition into your new environment.
Ultimately, the best location for your company will be dependent on both your industry and the goals you set yourself. Different types of establishments flourish in contrasting areas, and what makes the most sense for your business may not be the case for another.