Choosing office space is all about location, location, location! No doubt the location of your business can make or break it. Hence, while planning your business many questions arise:
- Will you start from home and grow from there?
- Is your idea best suited to an online business?
First consider the type of business you are launching before choosing what you hope will be an ideal location.
- Will clients come to you?
- Do you need to visit your customers?
- Will you have employees?
- Will your company be manufacturing products for distribution?
Office Space for When Customers Visit You
If your business depends largely on pedestrian or drive-in traffic, for instance a gift shop or clothing boutique, your space will need to be in a popular location, accessible to your targeted customers.
You will want to consider parking if people are likely to come by car, or perhaps get a location beside transportation hubs.
Visiting Customers on Their Turf
Clients may not typically visit you, if you perform services on-site, or deliver products door-to-door.
A factory may possibly be situated in an area for commercial leasing, while you visit customer on-site in their location.
A Home-Based Business
Home-based businesses have been increasing in the US and elsewhere. Low cost, low risk, and convenience are among the reasons that make this option so attractive.
However, a home-based office is not suitable for everyone. Unless you dedicate suitable office space, you may find it hard to concentrate at home, zoning laws may not permit your kind of business to be run from home, and if you need on-site employees or customers have to visit you, the home-based solution may not be suitable.
Before selecting office space in a specific location, check zoning and signage policies to avoid infringement.
An Online Business
If you pick an online business requiring no onsite employees, you may be able to run that from home, saving the hassle and outlay of finding a physical location.
For an online business, “employees” can often work virtually from their own locations. This opens the possibility of reducing your risk, by paying against invoices, instead of taking on employer/employee relationship responsibilities. It also saves many other expenses such as high utility costs and phone bills.
Full outsourcing saves you the purchase, maintenance, and insurance of equipment and software, in addition to employee-related expenses.
Proximity to Competitors
Having a business near to its competitors is often beneficial, especially a retail business that relies on foot traffic. Shopping center are an excellent example. The number of potential customers is known to grow exponentially per store, where there is a concentration of similar businesses.
Understanding Needs & Options
Considering a location raises many questions, as to the type of business you originally had in mind and if it is feasible.
By making the effort to understand your needs and available options, you will arrive at a solution that is healthy and right for your business.