5 Location Factors to consider in Commercial Property
Before you begin searching for a business site, you need to have a clear-cut picture of what you must have and how much you are able to pay. While many starts up mistakes can be corrected later on, a bad choice of site is sometimes impossible to repair.
· Competition - Are the competing associations located near yours? Sometimes it is fine, like in industries where comparison marketing is famous. But if the competitor is only going to make your marketing job difficult, search elsewhere.
· Proximity to other businesses and services – Watch out for other services and business that are in the vicinity from 2 main perspectives; 1st if you can gain from nearby businesses by the client traffic they generate. 2nd see how they will augment the quality of your company as a workplace; does the vicinity have an adequate selection of restaurants or shops and services your employees want conveniently located?
· Economic policy - The economic system of a specific region may also affect your choice and the decision of site. Some recession favour capitalists and others are directed by socialism; where the government controls all businesses. Other sub-factors are government’s policy, exchange rates, fiscal and monetary policy, taxes, levies, and duties.
· Industrial clusters - Some entrepreneurs decides to locate their business in industrial clusters or areas due to the amenities and infrastructure already available from before.
· Free trade zones - International free trade fair centres and trade zones are also good areas to locate your business as it generally receives wide publicity and is accessible.
The choice of location not affects your day to day operations and staff’s confidence, but also your brand image.