When it comes to your business, location is one of the biggest keys to success. Location determines how many people will come across your business and how much footfall you’ll get, so whether you work online or face to face with customers, you should make sure you do your research when choosing a location. Here are some things you need to consider.
Passing trade and footfall
If your business relies on people walking past, whether it’s a shop, café or restaurant, then being in a place with passing trade is important.
You need to ensure that:
- There’s a steady stream of people walking by
- Your store front is attractive enough to bring people in
- You aren’t surrounded by competitors
- People are around week-round – some businesses such as cafés do badly because they attract commuters in the working week, then business dies off at the weekend
Try visiting potential locations at different times of day and different days of the week to get a real picture of how many people and what kind of potential customers are around.
Central is often best for offices
If you’re running a corporate business and need office space, then central locations are often best. This is because the locations are better served by public transport, and you’ll be closer to people who you do business with. It doesn’t have to be expensive to work centrally, you can find serviced offices Sydney CBD which offer all-in-one pricing and have everything you need. You just plug your laptop in and work. This can be an excellent solution for small firms who need to be close to the action.
Think about potential employees
Another thing to consider is whether you’ll be able to hire at your location of choice. As a rule, if you need to fill a vacancy, it’s easier to do so in a city where you’ll find lots of people with qualifications. If you move to a more remote area, it can be trickier to find people who work in certain niches, so you may have a smaller employment pool.
Some areas suit certain industries
Finally, consider moving to an area that’s popular with your industry. While it may seem strange to move somewhere close to the competition, it makes sense because these areas are great for networking and tend to attract people with industry experience. For example, many CBDs have a creative quarter and a financial one.
Picking a location can be tough, so it’s important to do your research so you aren’t stuck somewhere uninspiring. Find a place that suits your type of business, is convenient and fits your budget. What works for your business will vary wildly so it’s important to think about what matters to you.