Things to consider when choosing a location for your startup
If you are an entrepreneur who is just starting his/her own business, you probably have many concerns. You have to think about the budget and funding, staffing, developing a marketing strategy and making sure that your products and services are the best they can be. All of this is time, money and energy-consuming. But, what about the location? Nowadays, location is everything and can make or break your business. However, you cannot choose just any location as there are a variety of features that make a location suitable or not suitable for a business. So, do a lot of market research and never take location for granted. Without further ado, here are some things to consider when choosing a location for your startup that will make your business a success.
What Types of Locations Exist
There are many types of locations to choose from, and the choice largely depends on the type of business you are in. Now we will mention just a few of the most common location types, and we advise you to give some thought to each type before making a final decision.
- Homebased Location: Nowadays, this is the most common location for startups. Many entrepreneurs start working from home first, and then, as the business grows, they move into some other commercial space. The advantage of this is that you can work from your bedroom or attic for example, and not worry about commuting or paying rent. But, there is a disadvantage as well – there will be no room for growth and expanding your business.
- Retail Location: Retail spaces come in many shapes and sizes. They can be located in enclosed malls, strip shopping centers, free-standing buildings, downtown shopping districts, mixed-use facilities, and many other places.
- Mobile Location: If you offer some services and products that require going to your customers’ home directly, your ideal location may be a car, van or truck. This gained a lot of popularity recently. Nowadays, you can even see hairdressers coming to your house in their own mobile salons.
- Commercial Location: These usually include office buildings. You can find them in downtown business districts, business parks, and sometimes interspersed among suburban retail facilities.
- Industrial Location: However, if your business involves manufacturing or heavy distribution, you will need something bigger like a or warehouse facility.
What Do You Offer and What Customers Do You Target?
Before you choose the location for your startup, you must think about the market your product is targeting. For example, you cannot open a fast food store in a fitness district. You will not have any customers. But, you can open an organic food store in the same location, and have many customers. So, as previously mentioned, you must do a lot of research. Start by researching the market. Then, talk with some other people who have similar customers and products. Investigating is the key! If you sell the right products to the right customers in the right locations, there is no reason why your business would not succeed. Also, location is an important one of the most important tools to help your startup grow faster.
Your Location Must Offer Accessibility
If your business relies on constant deliveries, it is important to consider local transport links, particularly main roads and motorways. Many people consider opening their startups in suburbs or city outskirts, as rent can be really expensive in commercialized areas. So, if your business is located outside the city center, just make sure that your location is easily accessible by a car, bus, subway or something else. Moreover, do not forget about yourself and your employees. You must consider your needs as well. Do not choose a location that requires a long time to commute. If it is not easily accessible, you will have problems keeping your staff happy. After all, a good location is often a critical factor in recruiting the right people into your business.
Security is a Must WhenChoosing a Location for Your Startup!
If you are not careful when choosing your location, you risk being affected by crime. And this can affect your insurance premiums as well as additional security measures you have to take to keep your office safe. In the end, you will spend soo much money on making the office and business safe and secure. So, before renting or buying a location for your startup, make sure that it can offer security. Again, do a lot of research. Investigate the market and the crime rates in it. Finally, when you find a perfect and safe location for your startup, call the guys from the Divine Moving and Storage NYC and they will help you handle your commercial relocation in a stress-free manner and in no time.
Is Competition Important When Choosing a Location for Your Startup?
Your proximity to other competing businesses could be crucial to your success and it can make or break your startup. Basically, there are two outcomes. They can either provide a benefit to your business. But, they can also cause a hindrance. You must distinguish between those two. If your startup offers the same products and services as other businesses in the same location, you will have a lot of problems finding customers. But, if you have a product that is unique, or you offer a service that is innovative, then choosing an area that already has a ripe market is ideal. Thus, you will attract new customers easily and establish a presence in the area quickly. Being a young entrepreneur can be scary, but do not let that stop you! Hopefully, this article gave you some essential business tips you need to consider when choosing a location for your startup.