What do I need to consider when planning a business location?
Planning the location of your new branches or business premises is a big decision. Get it wrong and you risk significant costs and damage to your long-term success.
But what kind of factors do you need to take into account when choosing a new location and how can professional Business Location Planning, supported by experts such as Tech4T, help?
Below we detail a small selection of the factors you need to consider to ensure you get your business location planning right.
Access
How easy will it be for customers, clients, and staff to access your new premises? And how easy will suppliers and service providers find it to get to you?
Business Location Planning can look at local and regional transport links such as bus and train services, as well as road systems, and even parking provision and pedestrian access.
Unfortunately many businesses overlook this when planning their new branches, shops, or venues, and then further down the line realise they have made a costly mistake.
Markets
Which locations provide the best opportunities for sales or service development?
Business Location Planning helps you dive deep into the local market by profiling potential customers in the area (using a wide range of demographics). It can even show you which locations are underserved and offer a strong growth potential.
It can also identify other businesses, services or attractions which pull the public into a particular area, or which areas to avoid because of specific local factors.
In addition, you can look at whether a High Street location, business park, or other site would be more suitable for your business’s or service’s customers.
Competition
If you move to a particular location will you encounter competition?
Business Location Planning systems can highlight similar businesses already in the area.
And while these could hinder your success, business location planning data can tell you whether the presence of competitors is actually an advantage, for example, the fact that the area is ideally suited to that kind of business, or that customers like going there and the market is not yet saturated.
Costs
Where is the most cost-effective location for your new business branches or premises? Business Location Planning can highlight factors that will impact your costs now and in the future, from nearby developments to planned infrastructure projects.
Surroundings
Will the location of your new premises help to attract customers and retain staff? Or will it deter them?
Often the immediate surroundings of a proposed new business premises are overlooked when you’re concentrating on the more nuts and bolts elements of finding a location.
So it pays to keep in mind when choosing premises that the local environment can have a big impact on not just the wellbeing of your staff, but also on your customers. Green spaces for staff breaks, or local food options for customers, should all be factored into decisions about location planning.
Conclusion
Choosing the right location for your business or service should be considered carefully – but it takes time and knowledge. Let experts such as Tech4T help you plan for success.
