LOCATION, LOCATON, LOCATION: What to consider when choosing a location for your business!
As many of you would know (unless you’ve been hiding under a rock somewhere far away on some other planet) MDC Group is moving! As we continue to expand and grow, we’ll be moving across the pond over to Croydon and we’re excited to do the same great business in a brand-new space – designed and built by us!
There is no doubt that in business ‘location’ is one of the most important things to consider. The location of your office can have considerable impact on the success of your business, or even affect its reputation so it’s important that you think about it when opening your brand-new business or even relocating.
So here are 5 things to consider when thinking about a location for your office/ business:
#1 Is it close to train lines/ public transport?
Accessibility is probably most important when it comes to choosing an appropriate location for your business.
As mentioned in our post: “Why the ‘social space’ is vital for the workplace”, your employees are your biggest asset so it’s important you’re considerate of where they will be travelling from, especially if you’re relocating. You may have employees commuting a long distance so being somewhere connected to reliable train lines and public transport is essential to ensuring that your employees can get to work on time and without too much hassle. Naturally, therefore, this also makes things a lot easier for clients/ those that need to visit your office or even for when you or any of your employees need to get to other locations. A clear win-win for all!
#2 Who are your clients/ target markets?
Considering who your target market is in order to choose an appropriate location is also essential to running a successful business. Oftentimes, people consider this very early on during the start-up stages of their business, but it is sometimes forgotten when relocating. If you know that your business is targeted to older corporates then sticking your business in the middle of Shoreditch probably doesn’t make too much sense. And vice versa: if your business is targeted to young creatives it wouldn’t make sense to be located somewhere densely populated by banks, consultancies and other corporate businesses.
#3 Is it near other businesses?
It’s another aspect we tend to forget but every business needs customers/ clients so it’s vital you find somewhere that people are familiar with. Finding a location near other businesses means easy access to a whole range of other potential clients/ customers! There’s no use opening your office/ business in the middle of nowhere; if you do, you can expect no-one but the surrounding trees to come and do business with you, and I don’t think they’d be very helpful to keeping your business afloat!
#4 Is the area known for business or known as a growing hub for business?
Finding somewhere that is known for business or is a growing hub for business is a win win! Take Croydon for example, it was announced in 2016 that £3.5 billion would be invested into Croydon* with a target that by 2020 it would become one of London’s biggest hubs for business. It’s a cake that we definitively wanted a piece of, and so should you!
There is no doubt that the landscape of business is changing and while these changes may be slightly uncomfortable they lead to growth. So choose a location for your business that leaves room for this growth and development, somewhere like Croydon for example!
#5 Does it have a good reputation?
Unless of course you have already decided that you want your business/ office to be in a specific location, try to avoid places with a bad reputation or that have high rates of crime. It’s no secret that just as much as the location of your home in relation to some of things mentioned above raises or lowers the value of your property, it’s the same with your business. The location you choose will either raise its value to potential clients or partners, or do the complete opposite and act as a deterrent so do some research and choose wisely.
All in all however, remember: there is no right way or wrong way to do business so choose a location that works best for you. Indeed, every business is unique and the location of your business will vary depending on those specificities, but consider the 5 points listed above and choose a location that gives you the best chance of being a successful and growing business!
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