Picking the right office space location for your business

Everyone starting out in business is anxious to make the right decisions every step of the way. After all, making the wrong decisions can impact your business operations and ability to make a profit. Therefore, it comes as no surprise that most entrepreneurs and business owners find identifying the right office for their operations a daunting task. So how do you know that you are picking the right business premises? There are various factors that you need to consider as you start your search for an office space. Your choice of office space must be carefully calculated to enable you to identify the ideal location. In this article I will highlight some of top considerations for picking the right office space location for your business.

Factors to consider when looking for office space

Demographics

Firstly, it is very important that you consider your ‘market segment’ as you set out to identify a location for your business. Whatever your clientele or service offering, carefully assess whether the location would serve your business needs sufficiently. It is also vital that you ask yourself whether your intended location include enough members of your target audience. Knowing the answer to this and other questions will help you decide if you are looking for office space in the right location.

Convenience

Should your customers have to work extra hard to access your business? Also consider if your business relies heavily on a significant number of walk-in customers and business visibility to draw in new customers. As you pick a business location keep in mind that you need to make it easy and convenient for new and existing customers to come to you. Moreover, the more inconvenient your location the harder it will be for you to find and retain employees.

Cost

Your overall costs and expenses are a very important consideration when you are picking office space for your business. Right from the onset you need to determine what you can afford and then start from there. However, rent is not the only cost that you will have to meet. Remember that each country has its laws and costs when it comes to starting and operating a business. Take the time to research and find out all your cost and tax obligations.

Safety

Another equally important consideration when looking for a location for your business is the safety of your prospective location. Undertake thorough research into local crime data and statistics. Talk to other businesses and engage with the local law enforcement authority to find out the rates of various crime occurrences in that area. Remember that safety considerations apply to both your employees, customers and assets.

Competition

From a business perspective it is very important to investigate other business in your prospective area to find out if any are offering the same services as you. For example, it does not make sound business sense to setup in an area that is over-saturated by your competition. In the event that you find the area saturated then you will in most likelihood find it difficult to attract new customers. Consider a less saturated area to give yourself a chance to access a previously unserved market.

Infrastructure

It is equally important that you also consider your infrastructure needs as you look for office space. Amenities available in the local area can also be a key factor to think about in your search for a location for your business.

Zoning

Is your business allowed to operate in the prospective area? Each and every locality has its own zoning laws and therefore it is important that you find out if your business is allowed to operate in the area you are considering.

Company size

The next most important factor in deciding your office location is the size of your location. In addition, also factor in the number of employees you will have. Although it might be possible to have employees operating remotely, you still need to consider the employees that will be operating onsite on regular basis.

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