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Finding the perfect spot for your business
Location is such an important aspect of your business. The place where you set up shop can determine how successful a business can become; and no amount of marketing and branding can match a business with a knockout location.
The kind of business you start often determines the kind of location you should be targeting. It’s more than just choosing an area or a city. Here are six things to consider when looking for your perfect business spot:
1. City or town
Does your business need to be in a big city or a small town? Consider that the costs differ from town to city, of course the city being more expensive. Look at rent differences and business regulations. What are the local government policies as well as the city economic situation? Do traffic gridlocks plague that particular area? More importantly, how familiar are you with the city and its demographics?
2. Type and Requirements
Do you need a commercial space or an office space? It’s tempting to select highly visible commercial spaces on the ground floor of a busy street, but these command high rental rates, too. Also consider if your customers need parking or if they consist primarily of foot traffic. Sometimes commercial spaces in quieter neighborhoods can attract visitors that find the place easier to get to by car.
If you only need a small space for an office that does not need high visibility, consider going away from highly dense areas. You’ll find that rent in these areas are significantly lower, too. And since most business will need some type of connectivity, check the availability of your preferred internet provider and see if network coverage in the area is adequate.
Is the area near your customer base? Do you need to be in an area with high foot traffic? For example, a laundromat near apartment buildings or condos works great. Ask how the commute will be like for your employees and customers. All of these should be considered specially to help you plan your marketing strategy and other business collaterals.
Is the price feasible for you? See if the rent will affect the price of your product. Is it an expensive area for the people who will be working for you also? How much is the commute getting there?
Is the area accessible for your customer, suppliers and employees? Is the location easy to find? Think about your clients and employees and where they are mostly coming from.
Also consider if there are other essential services nearby that you need such as: banks for making frequent deposits and payments, delivery outlets for making shipments, small restaurants for daily meals, water stations for easy refills, a notary public for your documents, convenience stores for small items such as pens, paper, markers.
6. Traffic and Safety
Manila traffic is getting worse so it should be greatly considered when choosing a business address.
Be there at the peak hours and see if it will affect your business. Look around the area for security concerns. Revisit the potential location many times before selecting it. The neighborhood situation may change drastically from day to night so it’s important to inspect it at different times. Visit during the early morning, at night, in the wee hours of the morning, and even on weekends and holidays to get a better feel of what day to day life is like in that area.
There are a lot of things to consider when looking for a spot for your business, make sure that you think about your primary concerns. Talk to your team and see which ones to prioritize. If you have the resources, consult an expert and do some research, it’s always best to make calculated decisions when your business will depend it.