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6 Tips to Choosing the Perfect Business Location

>> Apr 30, 2013

When it comes to finding the ideal spot for your company, there are a number of different factors that you need to take into consideration. Whether you have formed a new start up business or you are already an established company looking for a new site, the possibilities are endless. Yet there are ways in which you can narrow down the field in order to enjoy the best location possible.

1.   Assess the competition

You will need to do thorough research to discover whether the potential businesses around you are going to be complimentary or competing alongside you. In this way whatever your business, brand or product may be you will need to suss out the competition from the off. If the market in the area you are looking is as saturated as wet sponge then you need to consider;
  • Can I offer my services at a much cheaper rate to entice new business?
  •  Am I able to compete in the area I am looking at and if so can I offer my services at a better rate than the others?

2.   Plan for Expansion

This is a very important area when it comes to selecting the right spot for your company. You should consider in the long run if you have the intention to grow your business. After all there is no worse scenario than finding an office space which is too small for your entrepreneurial vision! In case of further growth you should put all your energy into finding an office which has additional space if required.

3.   Security

Considered to be one of the most important elements in office location decision making, you really want your employees to feel that they are coming to and from work in a safe area. Other factors to account for include;
  • Are there secure parking facilities? Can you strike a deal to save money on parking on site?
  • Does the building have CCTV and maybe you can install your own cost effective security solutions such as dedicated locks for bicycles or a safe to store all your important documents.

4.   Government funded payment

Believe it or not even the actual location of your proposed company  could determine what funds you might be able to qualify for. This would be a significant bonus to help you on the business ladder. You can have the chance to choose from a wide variety of office locations across the world including in Australia as well as several major addresses such as 120 Collins Street Melbourne Vic 3000. You can find out via the relevant authorities whether or not your small business can enjoy the wealth of financial incentives available.

5.   Taxes

You may be able to save a shedload as far as tax rates are concerned on your new business location. Depending on which state you position your office in things such as property taxes and other related charges could apply. Therefore, it is advisable to find out the rates you may have to pay. Yet if you decided to move your company to an office location which is slightly out of range of the particular state tax, you could aim to save your business plenty in the long term.

6.   Local Market

By choosing an area where you can stamp your mark you could in turn help out the local area. For example if you decide to choose an area which is an upcoming area, then you will be able to help the area nearby. This is thanks to;
  • Creating potential job opportunities
  • Regenerating a once former run down area with new business and local commerce

By initiating some of these particular steps, you will be able to not only save money but end up with the most suitable office location where your company can grow from strength to strength.

About the Author:

Sarah Miah is from Regus US, a leading global company that provides virtual office space, executive suites, and rental spaces in over 1500 different locations around the world.

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