When setting up your business, choosing a location can be a critical factor in its success.

Unless you are completely home-based, you will need to decide where you will conduct your business either by leasing or buying premises. Each organisation has varying requirements, so it is necessary to consider your needs and priorities when deciding on a business premises that will best suit you.

Know your business

The types of premises will depend on your business. Ones that offer professional services may consider choosing long or short-term leasing options that will allow you to conduct customer and business meetings from a central location. If you run a retail or hospitality organisation it will involve deciding on the best location to sell your products, both size and location wise. For those that involve manufacturing, wholesaling or selling over the internet, selecting a business location will not impact on attracting customers.

Identifying who your customers are and how you can best meet their needs can also assist in choosing a location. Researching relevant information, such as where they live and work, and how far they will potentially travel to buy your products or services, can help you decide on a location that is practical for existing customers and attractive to new ones.

Assess the location

There are many external elements of a location that can affect your business. Look at the traffic in the area and work out how it can support or hinder you, as well as what services are in the area in which you choose to locate. You may consider asking other businesses in your desired location for some advice on the best providers for services such as gas, electricity, water, phone and internet. Access for both customers and employees is also a large factor when assessing the location. Consider whether it is easy enough for clients to find and employees to travel to every day. Making your business accessible can allow you to obtain a wider pool of staff.

Remember your legal and environmental obligations when choosing a place to set up your business and check with the local council for any planning and building restrictions if necessary. For example, you could consider how possible noise produced by your business would affect the local community. Before making any big decisions, consider seeking further legal or professional advice.