Location, location, location – does the location of your business really matter?

So, you’ve outgrown the home office and you’re ready to choose a location to grow your business? You might think it’s as simple as putting your finger on the map and finding a vacancy, however, there are several factors you need to consider. Choosing the right location for your business could be what makes or breaks your next step in the business world.

Choosing the right location is extremely important, especially for a young or growing business. Aside from the costs associated with establishing yourself in a physical space, there are several reasons why the location you choose is critical to your success.

When selecting a location, these are the top factors you should consider:

  1. Demographics of the area

You want to make sure your target audience are likely to live or shop close by, or how far it might be for them to travel to you. Many people rely on convenience, so you want to ensure that your clients or customers are going to continue visiting you in your new location.

  1. Accessibility

Is parking an important part of your customer experience? If so, you might want to consider how easy it will be for your clients (and staff) to access any proposed location. The ideal store or office might be available, but if your clients need parking and you don’t have any – will they continue to use your services?

  1. Cost

Of course, cost should be one of the top factors considered when choosing a new location to house your growing business. You need to make sure the monthly rent can be factored into your budget. Also consider the cost of outgoings and any other additional costs associated with the store or office.

  1. Proximity to other businesses

There’s a reason so many businesses choose to open near major shopping centres. Being co-located with a range of other businesses can be of benefit. There is likely to be higher foot traffic in the area and you may be able to create referral pathways for your business.

  1. Competition

Depending on the type of business you have, being located close to your competitors may work in your advantage! If comparison shopping is popular with your customers (ie they like to compare different offerings before making a choice), being located near your competitors may be useful. However, if there are too many competitors, you may risk losing your customers. You need to find the right balance that suits your target customers and business model.

Finding the right business location is critical to the success of your business. Make sure you understand your ideal customers, your competitors and which factors are important to your business. Do your research before signing any agreements.

Want to locate your business in Wanneroo?

If you’ve done your research and feel Wanneroo is the best place to house your growing business, the Allied Health Precinct may be right for you. It’s a business incubator, which provides private, serviced offices and wrap-around business support to help you achieve your goals. Agreements are low-cost and low risk, with only 30 days’ notice required for cancellation.

There are limited vacancies available. If you’d like to book a tour, visit https://www.businessstation.com.au/grow-your-business-in-wanneroo/

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