The right business location makes all the difference. When it comes to finding the right business location, putting time and effort into the process is worth it. That said, our Day BPO blog will take you through a few things you need to consider when taking on this task.
We won’t waste any more time; it’s time to dive right in.
The Right Business Location Matters
When it comes to your business location, it is much more than the structure of the business that needs to be taken into consideration. The right location for your business also determines accessibility to goods and services needed to keep your business going. The quality of your employees is also determined by your location as well as the perception that your customers and other stakeholders will have.
That said, there are quite a few factors that need to be taken into consideration when attempting to find the right location for your business.
Consider These Factors …
So you’ve decided that it’s now time to find a suitable business location. The following are some ‘must do’ things to consider when taking on the hunt.
Understand Your Business Needs
Do you know the needs of your business? If you’re not sure what they are, then this is probably the best place to begin. Do you anticipate having walk-in clients or customers or will you go by appointment? Or, will your business location only be used for storage to house your employees, or is it for production purposes only?
By answering these questions, you’ll be in a much better position to know what to look for in a business location. From your findings, you can make a list of some things your business location must have and you can work your way up from there.
Do Some Research
The research for your business location should include developing an understanding of local zoning laws (if any), your target market, and you can also scope out your competition and their proximity to any properties in the area you’re interested in.
You should also take into consideration any form of restrictions that may be in the area and explore the culture of the people who live within the vicinity.
Create a Budget and Stick To It
Your business location must be within your company’s budget. Of course, the purchase price of the property or the rent is only part of the entire cost. You should always prepare for any hidden fees or costs along with taxes, utilities, renovations and any other form of miscellaneous fees.
In addition to making a budget, you can speak with other businesses within the area to find out how business is going for them and how the costs vs their profits pencil out. Of course, there are many factors that contribute to the success or failure of a business but having a general idea helps.
Don’t Forget About Logistics
Based on the findings you gather from your research, you’ll develop an understanding of the demographics of the area. Depending on the type of business you have, you must consider parking, walk-in traffic, the proximity of your business to your target audience among other things.
It’s important that you also take into consideration how easy or hard it is to source vendors and suppliers as well as receive product shipments among other things.
Think About the Demand
When trying to find the right business location, the demand for your product or service should be looked at. Make sure that within your chosen location the market isn’t consumed by your competition. There should be high demand and your competition is fairly low.
It would be great if the other businesses within the area actually compliments yours. This way, your business fits well within the market.
If the plan is to serve customers from your newly found business location, then accessibility comes into play. If you won’t be building but instead acquire a building then a thorough assessment is necessary.
You should look out for whether or not everything is up to code. Consider the age of the building, the access points and whether or not they accommodate people who are disabled. Is there adequate parking? Get an estimate of what any repairs or renovations will be. You should also consider whether or not you have access to modern phone and data lines. Additionally, it is in your best interest to also check the voltage requirements of the building.
We know that for many businesses, finding the right business location matters. However, the possibility is there that the business is just not yet ready to find the right location. You may have to gain more popularity or acquire a bigger budget. Consider alternate business locations such as venturing into the eCommerce space. You can also consider using social media, working from home or running your business through a website.
Localize for Your New Business Location with Day Interpreting and Let DayBPO Assist!
When it comes to entering a new territory, the culture of the people in the area should be considered. You should also be paying attention to the language spoken as well as other beliefs and practices.
The process of localization is necessary for a new business location and should not be overlooked. Of course, Day Interpreting has a team of capable professionals who are ready to serve you 24/7.
Having a new business location may also mean that a different language is spoken. In order to serve your clients well and with ease, DayBPO can help you with all your customer-facing processes. As a multilingual team of language experts, you have nothing to worry about when it comes to sending the right message. No matter the language, our Day BPO team has got you covered. We offer turnkey solutions that are effective. Our focus falls on customer retention services, lead generation, and of course technical services.