When it comes to choosing a location, we’ve all heard that ‘it’s better to choose the worst property on the best street than the best property on the worst street’. Whether you’re looking for commercial or residential purposes, the reasons for this are simple: your postcode is everything.
For businesses, especially, location is highly important, as it has a major influence on everything from people’s perceptions of your enterprise to your client base, image and accessibility. Here are just three of the reasons that it should be at the forefront of your mind the next time you’re scouting out potential premises.
When you walk up to a building, your image of it is shaped by its surroundings: the appearance of the neighbouring streets and properties, the cars parked outside, the neatness of the gardens, and the relative affluence of the area.
It is not only aesthetics that have an important role to play. Every location has a unique reputation, and everyone that visits, from clients to potential investors, implicitly applies this to your business. It’s much easier to be taken seriously if you’re situated in an affluent area known as a commercial, retail or financial centre than it is if you’re located in a derelict factory on the outskirts of town. Although the latter may cost less to rent or purchase, people will see your unwillingness to invest in your company as evidence of its failings. Property in a more high-end location, on the other hand, demonstrates that your company is successful, has a high turnover, and is worth investing in.
On a more basic level, the location you choose will also affect your accessibility. The easier your premises are to reach, the more willing clients and potential investors will be to visit, whether this is for shopping purposes or simply to liaise with you or your staff.
Equally, you’ll find that the more accessible you are, the bigger the talent pool of employees that you’ll be able to scout from. Few people are willing to commute for more than an hour a day (there and back), so businesses in city locations, which tend to have the best transport links, will almost always be able to hire from further afield than their more remote competitors.
Another factor to consider when choosing premises is the client base that you’ll attract. This is especially important for retail enterprises, where location has a marked impact on the customer base that you can draw from. The more high-end, affluent areas there are within easy travelling distance, the more shoppers are likely to spend, guaranteeing you a maximum turnover.
Where will you choose to locate your premises?