How to Find the Right Spot for Your Business
Location. Location. Location. It's all about location. Or is it? In today's Internet-driven world, many businesses operate from the home, from the local coffee shop or from a coworking space. There are thousands of office options out there to work from. But what if you're ready for an established place of business? What if you're ready for the corner office? What if you're outgrowing the local coworking space? It may be time to move into your very first office.
But when it comes to choosing the right spot for your business, what's most important?
- The Demographics: Getting in with the right people.
Don't forget that choosing the right location may also require you to do some due diligence! Find out the demographic overview of the area that you are looking at and be sure to zero in on the age, income, households, gender, education and the like. Entrepreneur Magazine also suggests that you look at neighborhood traffic generators such as other retailers that draw people to the area, industrial or office parks, schools, colleges and hospital complexes. It is also important to look at both highway and foot traffic.
- The Energy: Matching your company's values with the walls you put it in.
Choosing the right location for your business is critical to your company's daily vibe. For example, it is important for a tech startup to be located in the downtown area in a modern office space. A more traditional company may be located in an office park in the suburbs with a corporate-feel. When your company's atmosphere matches its mission, values and personality, employees are more likely to think with a complementary mindset. Want your company to be creative? Rent out an office space with an inspiring view. Would your employees benefit from taking breaks outside to revive themselves? Try a place with a rooftop garden or a park nearby.
- The Competition: Keeping your friends close, but your enemies closer.
Many successful entrepreneurs and CEO's believe that it is beneficial to locate as close to a competitor as possible. Although foot traffic is important, having the "right foot" come into your space in particular is even more critical. By being in close proximity to your competitors, you can actually benefit from their marketing efforts. After all, your competitors share the same demographic as you and have probably done the same research as you. Keeping the competition in your backyard can also help you and your employees stay more driven and motivated.
- The Surroundings: Staying close to professionals and stores.
Convenience is key! Most startup companies may need to use outside resources in order to keep their businesses up and running. It's convenient to have a few restaurants located near you to order lunch or cater a launch party, or to have an office supply store down the road in case you need to pick up things for the office. An entrepreneur's workday can seem short sometimes, and having close proximity to these locations can be a big time saver.
Remember: location, location, location! It's an important part to finding your perfect office space.
