There are so many things to think about when you’re running a business that it can sometimes feel overwhelming. But one of the things many people fail to consider is location. Today, we’re going to talk about how important it is to #LoveYourLocation. While you probably already know that your location can impact your business both positively and negatively, you may not be aware of just the wide-ranging effects of your location. Here are some things to consider:
Employees
These days, many businesses are fighting to keep employees and reduce churn. And it turns out that the location of your business can either discourage or encourage potential employees from working for you. Is your business close to a bus stop or train station? Do you have free parking close to the office? And are there places for your employees to go and grab a coffee or lunch during their breaks?
Suppliers
Suppliers are obviously a key part of your supply chain. Without suppliers, you’ve got no products for your customers. That’s why it’s a good idea to consider where your suppliers are located and whether it’s easy for them to reach your business. When your suppliers are located nearby, it’s easy for you to see both the suppliers and your products. It’s also much easier for you to restock once stock is low.
Customers
The first thing to consider here is your target audience. Are they tourists? Locals? From the UK? If you’re targeting locals, a shop in the centre of the city or town square is ideal. If you’re hoping to attract tourists travelling from other parts of the UK, it’s a good idea to look for an industrial unit to let close to the motorway or even near an airport.
If you have a B2B business, you may be best to be in an industrial or business area so you can have plenty of meetings with other business owners.
There are pros and cons to many different locations for your customers. While a location in the middle of the city is excellent for foot traffic, it can make it difficult for people to find parking.
If you’re considering the best location for your business, be sure to think about the above points. A location that’s too expensive can be a big mistake if you want to focus on growth, while a location that’s nowhere near your customers will make it difficult for you to reach them.