Tips for finding the perfect location for your startup
Every introductory marketing course teaches us about the 4Ps: Price, Product, Promotion and Place. As you probably know, the P stands for place, which is the location of your business.
If you are running an online business, place is not something you need to worry about. However, running a brick and mortar business requires you to carefully evaluate and choose the location where you plan to set up shop.
So how do you choose the perfect premises for your business? What considerations should you keep in mind? Which steps should you follow? Read more here to find out!
Location – the big picture:
When you are choosing the premises for your new venture, there are many factors you must consider. First of all, you need to pay attention to which part of town you choose, its image, the rents and the commute time you will need to get to it. Then you should consider factors such as accessibility, traffic and parking availability. Once you figure those out, you need to decide on the type of space you will need. Is it an office, a warehouse or a retail shop?
But that’s just the big picture!
Now you need to get into the specifics. Here, you should consider the following 10 factors:
Since you will have to work there every day, you need to figure out if the place you choose is right for you. Will you want to go there on a daily basis? Does being there every day feel good or right? Is it comfy and convenient enough? Or will you go crazy stuck in that particular space all day?
Since your customers will decide the success or failure of your business, you need to understand what your choice of location means to them. Will they find it easy to get to it or will they get lost and lose hope? Are there parking spaces available to them or will they have to circle the area 5 times to find a place to park? Does the location look clean and safe enough for them to want to visit it regularly?
When you first launch your startup, you will probably have zero or maybe one to two employees. However, as you grow your business, the number of employees working for you will increase. This is why you need to make sure that the place you choose is good enough to attract and retain employees to avoid turnover.
Here, I would like to ask you to take a second and think about Silicon Valley, the hub for the tech industry. It is much easier to form strategic partnerships when the partners are in close vicinity to each other. This is another factor you must consider when choosing your startup premises.
Potential buyers & investors
You might believe that it is a bit early to think about this one, however, you need to keep in mind that the location you choose is an important factor when investors are looking at the long-term value of your business. So, for example, you might choose a place that is cheaper and smaller thinking that it is the better option when in fact it could hurt your future chances for growth and expansion.
You want your business to be easily found. You also want your customers, especially pregnant mothers, people with disabilities and the elderly, to feel comfortable when accessing it. This is another important factor to keep in mind when choosing the premises for your new business.
Prestige & reputation
This factor highly depends on the type of clients you want to attract. If you want to attract mid to high income clientele, your location needs to be upscale and you will want to be in the neighborhood where your clients live or often frequent.
Does your business have any special needs such as large meeting rooms, specialized powering or even high power consumption? You need to keep those things in mind when deciding on your office space and place. For example, serviced offices are perfect for businesses that occasionally use meeting rooms and do not mind co-working.
In cities such as Amman, finding a place with minimum traffic can be a bit tricky. However, you should remember that the longer it takes for your client to reach you, the less he/she will like to do so. The same applies to your employees. If you are running a retail store or a restaurant, traffic can be good for you. On the other hand, if you have offices and you need a quiet place to run your business, you want to avoid high traffic locations.
Finally, as with all your business related issues, you need to take your time and make informed decisions to avoid regret, disappointment and failure.
How did you choose the location of your business? Do you have any more tips you can offer to our readers? We are always looking forward to hearing from you in the comment section below!