Office Location: Things to Consider
The initial stage of any Business Plan is dedicated to resource allocation and idea generation, but one important aspect of the business that eventually frames a path for success is choosing an office.
As we talked earlier, choosing the right office for your business includes looking into 4 pivotal factors – location, price, infrastructure and capacity. Here we’re particularly highlighting the components to look for while finalizing a location.
A good location not only assists in opportunity generation and employee-satisfaction matrices but it also has many hidden factors that eventually contribute in big ways.
The eCities 2009 Business Location Survey showcased many findings which covered a wide variety of industries and their locational advantages globally. Many of those findings were indicative of a direct correlation of location with the survival and success of the business. For example, it is often considered wise to invest in minimal infrastructure initially, thereby reducing a huge chunk of capital investment but the findings from the survey indicated that 42% of the businesses agreed that the local community actually contributed towards their success and flourishment.
When it comes to choosing an apt location for your business, a multi-faceted approach is required to optimize the ultimate decision for long-term success and survival. Here are a few factors you may want to consider:
- Demographics: Understanding the demographic condition of the locality is a preliminary. The basic groundwork for this includes studying traffic pattern information, population density, lifestyle data, and competitive analysis of the district. Experts agree that a demographic overview of the area you’re looking at would give you better insights into the age, income and household trends of the neighbourhood. This could in turn, change the way clients can be approached and new bridges can be built on the basis of the research.
- Supplier-Proximity: Based on the nature of your industry and the type of lean level, it would be wise to optimize this part of the business location strategy early on. You can weigh the options available to you in terms of opportunity, whether staying near to the supplier is beneficial or not based on the revenue momentum expected to be generated.
- Accessibility: Make sure your office is easily accessible by employees and clients alike.
- Alternative transportation should be easily and generously available. Choosing a well-connected location helps build both client engagement and employment satisfaction. Facilities like private parking and safety should also be kept in mind.
- Recreational spaces: Having ample recreational spaces in the vicinity is a must. Since an average working person spends about one third of his day in the office, it is essential to have certain areas to relax during the breaks and after office.
- Look for quick service restaurants, cafeterias, comedy cafes, open walking spaces, etc nearby for employees to relax and socialize.
Keeping all these location factors in mind would be best to invest in your office space.