What to Consider When Choosing a Location for Your Business
As a business owner, you have a lot of decisions to make. From your staff to your place of work, you must decide on how and where to you conduct your business. One of the most important decisions you’ll make is where to locate your business. The location you choose for your business is a monumental decision that needs to be carefully considered. The price and the acquisition of a loan are some of the more nitty gritty details you will have to figure out, too. To help you decide where to locate your business, read on.
Before you start shopping for business space, you need to have a clear picture of what you must have, what you would like to have, and what you can afford to pay. Developing that picture can be time-consuming and difficult, but it is an exciting part of building your business. Startups can either fail or fly depending on their location.
Why your business’s location is important
If you run a business that is outward-facing in any way, you need to thoroughly consider how your location will contribute to your business. Your location should be inviting and refined, creating a positive association for clients and employees alike. Your business’s location sends a strong message to your customers and non-customers about the type of business you’re running. You want to be sure it’s a good message.
What should I consider when choosing a location for my business?
- Style of operation
Is your operation going to be formal or casual? Should it be elegant or more relaxed? Welcoming and warm? Sophisticated and cool? Your location should be consistent with your particular style and image. The space that you choose should be synonymous with the brand.
Of course, you want your business to be located somewhere that is close to your target audience. There’s no point being located in an affordable area if you have no chance of foot traffic or a limited target market. Consider how important it is that your customers are located near your business. For many businesses, it is critical. For others, it is not important. The demographic profile you have of your target market will help you make this decision.
Take a look at the community of the areas in which you are considering placing your business. Does the community have a stable economic base that will provide a healthy environment for your business? Is there local talent that you can tap into to hire quality team members? All of these questions will help narrow down your choices.
A little healthy competition didn’t hurt anyone. In fact, it can inspire your business to do better and thrive. It is important to consider how near or far your local competition is. Sometimes comparison shopping is popular, which can work in your favor. You may also be able to catch the overflow from existing businesses, particularly if you’re located in a restaurant and entertainment area.
- Utilities and other costs
When businesses consider renting a unit, they often forget to include other costs that impact their bottom line. Some utilities may be included in the rental cost, but many times they are not. Also, find out what kind of security deposits the various utility providers require so that you can develop an accurate move-in budget.
The zoning maps for your local town or city allow you to gauge what business activities are allowed, according to your local area. If you’re a retail store or restaurant, considering proximity to commercial zoning can be essential. Nearby residential zoning means you could have direct access to foot traffic in your area.
- Foot traffic
Good foot traffic can be the crown jewel for certain small businesses. When searching for the right location, it’s a good idea to visit the location several times throughout the day to gauge the crowds. You can quickly determine if it is a highly foot-trafficked area. Then determine how and if your business could benefit from this foot traffic.
- Building structure
Finding the right business location is not just about the property, but about what’s on the property. Find a location with a building both you and your employees like. Consider how it looks to a potential client or customer. You need a location with a structure that makes sense to your customers, employees, and brand.
Why choose Ventura County to locate your business
Ventura County is a great place to locate your business. It has a strong economic base. It is home to a variety of different industries, including biotechnology, health care, education, agriculture, advanced tech, oil production, military testing, and tourism. Ventura County has a strong economic base, with the region full of innovative businesses, and engaged and focused workforce, and offices and workspaces to suit each unique company.
Whether you’re looking for a workspace to fit twenty or two hundred employees, a warehouse, or a storefront, there are plenty of options in Ventura.
Looking for assistance in setting up your business in Ventura County? Don’t hesitate to get started! Business Forward Ventura County is a countrywide initiative and business resource hub committed to delivering economic development support for businesses. Contact us today for more information on how we can help.
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