Importance of the Location of Your Business
"Location, location, location" is a common and all too familiar phrase …and rule of thumb…in the real estate industry – particularly in commercial real estate. First impressions are vital for many businesses accommodating customers on-site, as well as corporate offices serving as a visible representation of an organization’s success. So when it comes to the location of your business or corporate office, a comprehensive review of the potential location will certainly prove time well spent.
Some of the things that should be considered include the location and its overall desirability, as well as the accessibility from highways and mass transit for employees and customers.
A great location can contribute to the success of a business.
Not only does a business in the right location enjoy the excellent corporate presentation that accompanies the proper address, it also benefits from the exposure afforded by neighboring businesses and their clientele.
The types of amenities and services provided at a particular location are also crucial factors. Among the amenities and onsite services that enhance the value of a location include; a 24-hour onsite security staff, adequate parking, and/or food service such as an onsite cafeteria.
Another important consideration in business today is state of the art global communication access. An ideal location should have fiber optic network, DSL or T1 line (high-volume Internet connection) connectivity.
And when assessing the communication environment, the basic electrical system should not be overlooked as an important consideration for the best office location. It is important to confirm that any facility under consideration has not only enough power to meet current needs, but also future needs as well - in terms of wiring and capacity. It is also important to know about other environmental conditions that could impact company equipment. And establishing what is considered “standard allowances” for services, such as air-conditioning, and that which incurs additional “over usage” fees is important when negotiating leasing agreements and assessing feasibility.
Business requirements and the best location to meet those requirements depend on the type of business (manufacturing, wholesale, retail), the type of goods or services sold, and the target market. For example, a manufacturing company must consider proximity to suppliers and customers, as well as local taxes and regulations. The primary concern of a retail establishment might be local traffic patterns, demographics, parking availability, proximity to competitors, and the type of neighboring businesses and institutions. All prospective owners should outline their needs, both present and future, when searching for the location that best suits their specific business needs and desired image.