Especially if your business is selling physical products you might want to find the right location for you sooner rather than later.

But what factors should you be thinking about?

Location: Depending on the type of business there will be a number of different locations that are better suited to you. If you are looking for maximum footfall then a central location in a town or city would be preferable long term. You may need a larger location with a warehouse if you are selling products online. For many start-up businesses they will begin at home, taking that next step is a crucial one to ensure you don’t stall or indeed go backwards as a company.

Budget: There has to be a balancing act when you’re first starting your business. You might find what you consider to be the perfect location for you, but it might cost too much at this stage, before you’ve made any money. Equally, choosing the cheapest location might not serve the business correctly in terms of attracting the right levels of custom to enable your business to grow. Consider your budget carefully.

The Future: Always have in mind an exit strategy for the location you are looking to move into. It’s no good getting signed into a long-term lease at premises that you will hopefully outgrow in a few years time. You should consider this when viewing potential premises. Another thing that should be considered is to gain the advice of professionals within this industry, as a start-up business owner you might not necessarily have the knowledge of retail/business premises and the pitfalls to look out for.

Do you need the Perfect Location?

At the end of it all what you’ll quickly realise is that you don’t have to choose the perfect location. There might not even be such a thing for any business. As a start-up business owner put together a list of the most important factors for you right now, and leave some room for your business to grow of course. With hard work, dedication and some luck of course, a good business will find a way to progress and expand at the right times, without overstretching.

Back to Setting Up Your Business