Many people associate the success of a business with its location and it is certainly true that the key to your success can lie within the age old saying ‘location, location, location’. In order to get it right, however, there are a few important points that you need to bear in mind.
Is Location Actually Important to your Business?
Although location will be vital for some, for others it may be of less importance. With many people using the Internet to find a local business or to locate a certain company, the importance of having a strong physical presence is certainly less profound than it was in yesteryear.
There are businesses where location will be of huge importance and there will likewise be others where one can set up an office in a less accessible location and still be a success. When you are not relying on passing trade and you are drumming up business for your new business via an online marketing campaign, your physical location will not be extremely important. You will, however, need to make sure that clients who do visit your premises will be able to find them easily.
Another example of when location is not important to your new business would be if you are setting up an office where you will only see clients on prior arrangement. When your emphasis is on serving customers who find you online or in local pages, the actual physical location of your premise is not as crucial as it would be if you were working in, say, retail for instance.
How will Customers Reach You?
When your business relies on a passing trade and customers will frequently visit you, the importance of your chosen location becomes far more defined. Customer parking becomes an issue and, if you offer a walk-in service to your customers, you should try to locate yourself on public transport routes wherever possible too. Also, ensure that the neighbourhood will not put off customers from visiting you. Choosing a less desirable neighbourhood for your office that will offer you a lower rental can actually have a negative knock-on effect on the success of your venture.
Do you Opt for a Location where you will be surrounded by Competitors?
Your first thoughts on this question may be to find a location where you have no direct competitors whatsoever. However, this may or may not work to your advantage. You may think that it would be a bad idea to open an estate agent’s office in a street that already has three similar businesses, but this may actually be false logic. After all, clients who do not find what they want from your competitors will simply be able to walk further down the street to your office.
Pricing the Market
Before taking the plunge and renting a new office space, check out the average prices in the area. You will find a wide difference in the price of rentals in prime locations when compared to those in less desirable neighbourhoods. However, the question you should be asking is if you are being charged a fair price when compared to those around you. Check out the average price per metre squared of office space and see if the office you have in mind really is being priced reasonably.
Lastly, consult your local council to find out about any incentives available for renting in specific areas, and consult a local business advisor about the available opportunities. It is also worth bearing in mind the potential for growth in your business. Would it be wiser to go big now, or hold off until you have started to see some definite signs of success?
If you are looking for Central London office space in St James, which is great location to be based in, being right in the heart of the capital. It offers great transport links for both staff and clients alike, as well as all of the amenities that you would expect from one of the world’s greatest cities.