Lock in the Right Location: 5 Crucial Factors to Consider When Choosing a Business Premises
The right premises can make or break a business, so it's crucial that you do the groundwork required to find the best option for your company. What's considered “right” will depend on your unique circumstances, but there are five key things that are common across many types of business:
Accessibility for Staff and Suppliers
If it's difficult for your suppliers to get their goods to you, they're either going to charge you a premium for their services or simply refuse to do business with you. Likewise, you'll find it challenging to find and retain staff if you're not located in a convenient area. So, whether you’re looking at Melbourne commercial property for rent or offices on the outskirts of Sydney, make sure to check in with your staff and suppliers before making any big moves.
The Level of Security
It doesn't matter whether you deal in physical or intellectual property, you're still going to want a high level of security for your business. With the cost of living at an all-time high, theft is a rising issue that can seriously impact your bottom line and the safety of your staff. So, look for a location that has good physical security infrastructure in place, and consider how the surrounding environment may impact your business security.
How Well It Will Fit Your Changing Needs
It's also important to consider how well a location will fit the future needs of your business. While you don't want to overextend yourself, ensuring that you have enough room for expansion is always a good idea. Commercial leases tend to be far longer than residential ones. So you may need to select a location that will fit you now and a few years from now.
It’s also crucial to ensure you’ll be able to get up to speed quickly at your new premises. This could mean selecting a site that’s already fit for purpose, or leasing or buying a property a few months before you plan to move. This will give you the time you need to upgrade your new property.
What Percentage of Your Team Will Be Onsite Regularly
Flexible work models are here to stay, and since working from home has been proven to boost productivity and well-being, it's wise to support it. If, on reflection, you realise that staff could do their jobs entirely from home, it could be worth looking into a virtual office rather than committing to an expensive lease on a physical space you don't need.
Foot Traffic and Consumer Convenience
Although many people would have you believe that physical retail stores are dying, this simply isn't true. Physical locations are preferred by those who want to properly inspect or try on items before committing to their purchase. Plus, new customers who may have never come into contact with your brand may wander into your store if it looks appealing to them.
Of course, none of this is possible if you're situated in an area that's difficult to find. Shopping centres tend to be ideal for those looking to drum up sales through foot traffic, but the hours can be restrictive. If you want complete control over your opening hours, look at open-air shopping strips and commercial parks.
Location is incredibly important when it comes to the success of your business, so we suggest taking your time when making a decision. Getting it right can eliminate a whole host of issues, so it's worth taking the time to consider what you really want and need before making a commitment.
