Finding the right location for your business can be a hard task. There are many factors that must be taken into consideration, and making the right decision can significantly boost your chances of success. That’s why we’ve put together this list of tips for evaluating a potential business location, so you can make an informed decision.
Consider what the available buildings are like
The first thing you’re going to want to do is consider what the available buildings in any given area are like. For example, offices for lease in Abbotsford tend to be modern and well-equipped, while those further from the Melbourne CBD simply don’t have the same amenities. The type of available building will also impact both your rent and the difficulty you will face securing a particular property type. So you need to look in an area that offers the right kind of set-up at the right price.
Ensure you can install any facilities you need
Speaking of amenities, it’s important to find a space that you can tailor to suit your needs. While most commercial landlords will allow modifications to the property, not all spaces are suited to making certain adjustments. For this reason, it’s important to look into whether you can make any necessary modifications or additions before signing a lease.
Look for room for growth
You’ll also want to consider selecting a space that offers plenty of room for growth and scaling. While this may not be in everybody’s budget, it is strongly recommended that you factor in enough flexibility to fit with at least a five-year growth plan. If you don’t yet have a long-term growth plan laid out, now is an excellent time to draft one up. You’ll find it helps you in more ways than one.
Try to keep business partners close by
If you work closely with other businesses, it’s a good idea to select a site near their premises. While this won’t always be possible, doing so makes meeting and collaborating a whole lot easier and allows better access to each other in general.
This proximity is particularly important if you’ll be moving items between locations. For example, if you share stock, you don’t want to have to ship everything. Even if you simply buy corporate gifts or deliver lolly boxes as a way to show your appreciation to suppliers and business partners, it’s far more convenient to send them a short distance.
Ensure you can easily access the services you need
Just as you want to be close to your business partners and suppliers, so too do you want easy access to your service providers. For example, it’s a lot easier to work with the best Melbourne tax agent when you’re located within driving distance of their office. You can certainly partner with service providers who are further away, but it is important to consider how this may impact your business. Do you really want to work with a less-than-stellar accountant or bookkeeper?
Consider ease of access
Finally, you’ll also want to ensure your chosen location is easy to access. This will make it easier to attract customers if you offer in-store services. It’ll also help with attracting top talent to work at your business.
These tips should help you evaluate whether a space is right for you but do keep in mind that everyone’s situation is different. Finding the right location for your business takes time, and it certainly isn’t a decision you should rush into. We suggest creating a checklist of everything you need from a location to ensure it’s suitable for you. Happy hunting and be sure to check our our Melbourne home topics to get you primed for the move.
