Choosing a headquarters for your business is an involved decision that cannot be made overnight. Instead, you need a location strategy that is the result of research and careful consideration. Your company location can be the final piece that completes the puzzle when it comes to success.
Location Can Dictate Success
Your location is a deciding factor in determining whether you will ultimately be successful as a business. It is important to get the decision right because moving is not always easy. Once you are settled somewhere, finding a new location and paying to physically move can also be quite costly.
The search for a location will involve several different things. You are hunting for the ideal combination of a neighborhood and physical space. As a business owner, you will need to get both of these right to put your business one leg up in the eyes of your customers.
Use the following tips to ensure you choose a suitable location for your organization.
The selection of a business location requires a great deal of forethought. Even before you examine properties, you must consider things like your budget, how much space you’ll need, desired lease terms, and so on. You will then need to ask yourself hard questions about which of these considerations are more important than others before you settle on a specific place, so be sure to keep detailed notes and think about the pros and cons.
Recognize That Money Is Always an Issue
What are the factors to consider when choosing a business location? Of course, the foremost factor is often money. If something is out of your budget, it is no longer a realistic option. However, being able to find something within your budget isn’t the only way that money can enter into the decision making around acquiring the best location for your business.
You will need to think about how much of your budget you want to devote to rent or mortgage payments. Economizing on space can be helpful, although you want to consider what your needs and costs will be in the future.
Investigate the Various Parts of Town
Before you even look at a specific building, you must evaluate the overall location where you want to place your business. Different areas of town can impact your image in the eyes of your customers. Where you are may send a message about the type of business you have.
Beyond the image, your overall location will be important for proximity. Think about where your customers are located. You want to be close to your customers so you can better serve them. If you’re located across town, your target clientele might opt for a competitor that is more conveniently located.
Know That Convenience and Accessibility Are Key
In addition to nearby, your location should be easy to access for those who need to. If people think that getting in will be a hassle, they will tend to stay away. The parking situation, for example, is simple to overlook but plays a key role in customers reaching your business.
You should focus on a location that is relatively easy to reach. Of course, you will probably need to pay more for such a location, but there may not be any benefit to economizing if you end up out of the way or in a place that traffic or roadways make arriving or leaving you difficult for employees and customers. If people struggle to access your facility, they will not patronize your business.
Find Foot Traffic Without Competition
There are also delicate considerations when it comes to other businesses that are located close by. You want there to be a critical mass of commerce and other companies in the area because that can be a draw for employees and customers.
However, if your business sells to the public, you do not want to be in an area where there is too much competition. The best thing is when there are complementary businesses that can drive customers to you. In other words, there is foot traffic without the crush of competition. This means doing research to see who is in the neighborhood before you sign on the dotted line.
Lease in a Vital Area
When you are looking for the best office space for rent Phoenix has to offer, you should also think about the local conditions. Beyond the appearance of the area, consider the economic status of the area. Move into an area that is economically growing or thriving if you can afford it, as this often helps attract new customers.
Generally, when pondering how to choose a business location, you should choose the location first and then go looking for the space. However, sometimes the availability of the type of premises that you need may dictate where you have to choose from for the home base for your business.
Look To Grow With Your Location
When it comes to space, look for a place that you can afford but also gives you everything you need both now and in the future. You should opt for a location that can grow along with you rather than forcing you to move down the line.
In that regard, check if the building or landlord allows for modifications. This could mean looking into zoning laws or negotiating the terms of any lease. You should even understand whether the local infrastructure is scalable to meet your growing business. This can help prevent being forced into a costly move in the future.
To learn more about different Phoenix commercial locations and the potential they offer for your business, contact LCI Realty today. We know the local market and can guide you better than anyone.