A new business location can be an exciting opportunity, but it’s a big step for any company. Just deciding to lease or buy can have a huge impact on how you operate and budget well into the foreseeable future. Before you get too excited by the idea of a shiny new warehouse or office space, here are some things you need to look for in a new business location.
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1. Safety
Moving to a new location can expose your company to new security risks that you’ll need to consider. Crime rates might be higher in your new location, and even companies in the middle of nowhere can attract thieves embolded by remote locations with few witnesses. When you move, you’ll need to consider what security measures make sense for your company. Visible security cameras can be a great deterrant, but it’s also easier than ever to get new security systems installed that you control from your phone. You also need to think about digital risk protection. It’s easy to get distracted with all the little details of a move, so between the flurry of activity and the time it takes to set up all your equipment, you could be left vulnerable without proper precautions.
2. Convenience
Convenience is subjective, so what works for your company might be a nightmare for someone else. For example, you might like being away from other people and businesses, but if delivery drivers can’t find you, managing your supply chain could turn into a mess quickly. You can likely remedy this by contacting the company and making friends with delivery drivers, but you’ll probably have to go through it all again each time you work with someone new. You should also consider how far of a drive most people will have to make, if public transportation travels to your location, and if restaurants will make deliveries for lunches or late nights.
3. Costs
When moving, monthly lease or mortgage payments are never the final cost. The cost of doing business is littered with hidden fees, taxes, and other unexpected expenses that can add up quickly. Make sure you research utility prices and other costs of living to decide if your company can actually afford to operate in this new location. Even something as small as paying to park every day can add an unexpected strain on your finances. You also need to consider all of this when paying employees.
4. Competitors
If your business operates largely online, competitors being nearby might not be an issue for you. You might compete for local business and use similar suppliers, but it doesn’t necessarily mean your business will fail. If your competitor is successful but isn’t filling a local demand that you know your business can meet, you might be feeling up to some healthy competition. Depending on the industry, there could be other benefits to setting up fairly close.
5. Potential Employees
If you know you’ll need to hire new employees, you need to be realistic about your potential hiring pool. If there has never been a business like yours in the area before, chances are there won’t be locals with the skillset you need. If you’re willing to train, this might not be a problem, and you can make yourself an attractive employer if it’s obvious you’re invested in growth for your employees as well as your company. Another option is offering to pay relocation costs for the perfect candidates. On the other hand, if you settle down in a highly populated area with a local college, you’ll be setting yourself up for a group of perfect entry level candidates.
Moving to a new location is an exciting opportunity for your company, but research is essential to your upcoming success. By finding the right environment for you and your business, you can grow your target audience, find new talent, and expand your product lines further than ever before.
