Picking the right business location
The decision of where the headquarters of your business should be will have a significant hand in determining your profitability and productivity.
Consider the following checklist to ensure you make the right choice.
Will you buy or lease?
First, you need to decide whether you will buy or rent. Entering a lease is less of a financial commitment and perhaps a lower risk option for businesses in their infancy. Buying increases your business value by adding a property to your portfolio but could be a step for businesses with stable finances.
What kind of property will you require?
Picking your location will depend on the needs of your business. Consider whether you need office space or whether a retail space, warehouse or processing plant is necessary. If you require a warehouse, you will want to consider the distance between your suppliers and contractors for ease of convenience.
Who are your customers?
Knowing your customers is vital to understanding whether the location you have chosen is convenient for them if you will need to rely on foot traffic, if there is parking and other amenities nearby to make for a positive experience.