Despite the rise in technology & virtual communication, the importance of business location cannot be stressed enough. Your business address defines the way clients would perceive your brand.
Nowadays, the location might not be the most crucial factor for a business setup with automation & technology, but it plays a significant role in the brand image.
For instance, a restaurant in specific points of the city attracts more customers than others. This is why there are streets in every city, bustling with restaurants & bars, like Times Square.
Here are a few factors on the importance of location decisions in a business.
A good location can increase brand visibility.
Location matters for marketing. While putting your address and physical location, your website rank will affect Google search results. It involves the total cost of operation, taxes the business owner has to pay, and regulations of that particular area.
For example, a shipment factory cannot ideally be located in a residential area.
Brand location affects your employees
Your business might be completely digital, and that’s fine. But if you want a proper in-office organization, you need to think about your employees. Location in business can affect not only your current employees but also future workers. Ask the following questions before choosing the site for your office:
· Is the space convenient for transport?
· Does the place have parking spaces?
· Is it safe at night? (especially if you have late-night shifts)
· Are there enough amenities like cafes, shops for lunch breaks?
Cost of the site & overheads
Money is a significant issue in any business. Especially for start-ups and the current economic situation, certain factors need to be sorted before setting up an office. Things like ground rent, and building leases, including freehold or leasehold and salaries, should be considered before investing.
For a product-based industry, suppliers are a necessity. Without proper suppliers, organizations wouldn’t have products to sell to their customers.
Therefore, to set up your business, you need to think about where your suppliers are based and how easily you can access them. If the suppliers aren’t in close proximity, the deliveries and product stocking would be slow, affecting your business growth.
Possibility of future expansion
While choosing your business location, think about the possibility of an expansion in the near future.
If you plan to grow your team in the next two years, then investing in a small space without additional developing space would eventually cost you more money in the long run.
In a situation like this, opting for a coworking office space can come as a blessing. You can conveniently expand your space by giving for rent without making a substantial monetary investment.
Additionally, your office’s accessibility to your potential or existing clients is something you also need to consider. At Rainmakers, you can have the ultimate shared office space experience. We have meeting rooms, conference rooms, private and shared desks, and so much more. Contact us for details!