Location, location, location.
You’ll commonly hear these words when you’re looking to buy a home or make other real estate investments. Rightly so, a good location will ensure your property appreciates in value over time.
If you’re a business owner, you’ll also hear the same words, but for largely different reasons. A good office location will help keep your operating costs low, increase your sales, and give you a competitive advantage.
Now then, how do you choose the right location for your business office? Getting it wrong can prove to be a costly mistake in various ways.
In this article, we’re sharing expert tips you can use to choose a good office location.
What Kind of Office Space Do You Need?
The first step to choosing the right business office location is to have a clear picture of the kind of office space you need.
When you think of commercial office space, the first thing that comes to mind is an office in a high-rise building or office complex. Indeed, this is the kind of space most entrepreneurs require.
However, it’s possible that you need a different kind of space. Perhaps you need a co-working space, an executive suite, or a creative space. Or, you’re looking to build your own office establishment from the ground up.
Knowing what your office needs are will help you zero in on the right location from early on. You won’t waste time inspecting locations that won’t support your office needs at the end of the day. For instance, if you’re keen on setting up a big office from the ground up, you’ll shift your focus to finding location with raw land that can be developed to your specifications.
Are You Buying or Leasing Office Space?
One of the decisions you’ll need to make when finding a business office is whether you’ll buy or lease/rent the space.
Most small business owners are on a shoestring budget, which automatically rules out buying an office. If you don’t have budgetary concerns, it’s important to assess the pros and cons of buying vs leasing, so that you’re able to make an informed decision.
Either way, your decision will affect your choice of location. If you’re looking to buy a business office, for example, you may find an ideal location that doesn’t have offices for sale – only leasing.
If you’re looking to lease, you’ll have plenty of options to choose from. Most office spaces in various locations are available for leasing.
Where’s Your Target Market?
It’s crucial to consider the location of your target market if your business is running on a local model. For example, if you’re starting a dentistry practice, most of your customers will come from your locality. As much as you can take the practice online, don’t expect customers to come from several miles away, unless there aren’t any dentists in those areas.
In this case, the general location of your target market will dictate your choice of location. You’ll have no option but to select a building that’s in that location.
Even then, keep in mind that choosing an ideal location for a business office isn’t just about choosing a neighborhood, town, or city for your business. It also means choosing an ideal building.
If you don’t already know where your target market is, don’t start looking for an office location yet. Take you time to establish where your target market is based and proceed from there.
Proximity to Other Important Establishments
Depending on the nature of your business, you might want to consider access to other establishments that are crucial to your operations.
For instance, let’s say you’re in manufacturing. Besides a business office, you might need other facilities, such as warehouses. If you need to store your products in a place that’s close to your main office, you need to find a location that has office buildings and industrial warehouses. You don’t want to set up your business office in a certain town only to find that the nearest warehouse is in the next town, which is hundreds of miles away.
You also want to assess the transport and communication infrastructure in the location, especially if you’re looking to set up your office in a remote or rural area. Generally, you want a location with good roads and decent communication networks.
If there’s unreliable or inadequate internet infrastructure in the area, you’re going to have a problem with internet connectivity. This is a common reason many businesses resolve to relocate.
Keep Your Employees in Mind
Does your business have employees or do you plan to hire in the near future?
If yes, it’s imperative to keep them in mind when choosing a location for your business office. If you already have employees, you need to know whether they’re comfortable with the location you’re considering. If you go ahead and pick a location without consulting or considering them, some may quit, leaving you with the need to fill their position urgently.
If you’re planning to hire employees in the future, evaluate the state of the labor market in the area before making a decision. Some labor markets have shortages, making it difficult for employers to fill open positions easily.
Find the Perfect Location for Your Business Office
There are many boxes that the perfect location for a business office needs to tick. While your ideal location doesn’t need to tick all of them, it should tick the ones that matter the most to the needs of your business. You should especially consider your target market, nature of business, and employees, before settling on a location.
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