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Despite the remote working conditions and digital business climate we have today, if you have a brick and mortar business, the geographical location still plays a major role in its success. In addition to affecting marketing, it can help to forge relations with both your customers and suppliers.
There are several factors business owners have to keep in mind when selecting the location for their company. Here are a few you should consider.
A Good Location Can Help To Boost the Brand of Your Business
The brand of your image goes hand in hand with its geographical location. The location of your business must be synonymous with your industry and the business atmosphere in general. If you can create this, your company can gradually gain recognition as one with a degree of authority.
Easy Access to Suppliers
If you select a business located near the suppliers you transact with regularly, you can speed up the delivery time. This will, in turn, have a direct effect on the sales turnover. Since you can quickly receive goods from your suppliers, in turn, you will be able to dispatch your products quickly to your customers.
How Much You Spend on Rent
Whether you choose to rent a property or have one built from scratch by a company such as TPM builders, your location directly affects how much money your business spends monthly and annually. Your location determines the rent or lease amount spent by your business. For example, if you are located in the heart of the city, you are likely to spend more than those located in the suburbs. You want to select a location that falls in line with your business’s budget, and you can always relocate when you are ready to expand.
Location Affects the Hiring Process
The location at which you operate your business can either encourage potential employees to apply for vacancies or discourage them from even thinking about it. Potential candidates are attracted to companies that are situated in a safe, easy to access location. Depending on the type of business you have, you may have employees who do not drive and require public transportation to work.
If you wish to encourage candidates to apply for open positions, you must ensure the location of your business is:
- Easy to access to public transport links,
- Located close to free or affordable parking areas,
- Situated near amenities where employees can enjoy their lunch break, such as cafes, shops, restaurants, and coffee shops, among others.
You Can Either Encourage or Discourage Customers
If your location is difficult to find, you are unlikely to have many new clients visit your business. Customers do not like to have to struggle to locate a business. They prefer to visit with ease and return to their home or business with no hassles. You want to find a strategic location where customers can pop in and see you whenever they prefer. For example, if you require large delivery trucks, such as a furniture store, you want to make sure drivers can easily access a loading dock. This way, they will not have to struggle when loading the furniture onto the truck.
In addition to the above factors, your business’s location will also have to comply with the area’s laws and zoning regulations. Before you sign a lease or buy the property, make sure that it is legal to open a business like yours in the area you are looking at.
Despite the new era of remote working and online shopping, your business’s geographical location still makes a difference. The place you choose can make or break your success. Consider these factors, and you will be off to a great start.
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive, and Leadership Coach. She is the President of Infinity Coaching, Inc., where she can help you up-level your skills so that you can up-level your income, career, business, or life. Infinity Coaching, Inc. provides organizational training and one-on-one and group coaching. She is also the host of “Let’s Coach with Carolyn.” You can listen to the show on Spotify, Apple Podcasts, Stitcher, or wherever you enjoy listening to podcasts.
