Choosing the right location for your business headquarters is vital if you want to be successful. It’s actually one of the first things you should consider before you even put a business plan together. However, deciding where to base your business isn’t as easy as it sounds. There’s a lot of factors which need to be considered before you make a final decision.
Here, you’ll discover the main things to think about before you choose that all-important location.
Tax, legal and funding incentives
Very few businesses consider the tax, legal and funding incentives a location can offer. Different parts of the UK offer different types of business incentives. For example, the government offer a variety of grants and start-up incentives but they’re often designated to specific geographical catchment areas. So, if you’re hoping to get a little help to fund your business, it’s worth looking at what opportunities are in your chosen location.
Similarly, if you’re hoping to generate interest from investors or mentors, you’re going to want to make sure there’s plenty available in your surrounding location.
Infrastructure is something else few businesses consider. However, it can have major implications on your business if you don’t choose wisely. Did you know for example, that some older buildings may not be structurally suitable for high-tech operations? Most businesses today rely upon technology to help them provide the best service. So, you need to look at how the infrastructure of the building matches the operation of your business.
The infrastructure can also help make your business premises more attractive to potential customers. It’s worth checking out as many different types of buildings as possible. Look for unique commercial properties which could give your business an edge over your competitors.
How many competing businesses are in the area?
Speaking of competitors, it’s important to do your research and see how many operate within the location. Obviously, a little competition can be healthy for a business, but too much and you’ll struggle to stand out.
If there are a lot of competing businesses in the area, think about whether yours could offer something entirely unique. If you can’t, then it’s best to choose a different location.
Overall, there’s so many things to consider before deciding upon the right business location. The above are just some of the important factors many business owners overlook.