How to find the right location for your business

When starting up a business, the first thing that you should think about is the location in which you would like to base it and where your offices are going to be, if you are having any. If you are thinking of moving away from Exeter to start your business, or simply want to find the right location within Exeter itself, there are many options you should consider. To find the right location for your business, you should consider factors such as your target audience, location costs and the ease of access for both yourself and your employee. 

Your Target Audience

When seeking a place to start your business, you should consider whether the area in which you have your sights set on is populated by your clientele or people who would be interested in your business. For instance, if you are creating a designer-level brand of fashion, you might want to consider more affluent areas, whereas if you are setting up a consultancy should you look for places where there is an abundance of other businesses and office locations. This will then ensure that you are able to attract a steady stream of clients that are interested and need the services of your business, who are your target audience.

The Competition

However, you should also take into consideration whether the location of your choice is populated by large numbers of competitor companies and brands. For instance, if there are multiple construction companies in the area, or a number of the same style of shops down the same street, then you may consider moving somewhere else. However, when using this as a consideration, you should first make sure that you know how much demand there is for your service in the area through market research. If the amount of competitors does not meet the demand, then your business will still thrive regardless of the number of competitor businesses. 

Extra Location Costs

Some locations are more expensive than others, and you should take this into account before starting your business. For instance, cities such as London can be more expensive due to higher rent prices. However, London is a great hub to start your business from as you will access to a large number of clientele and other businesses. If you are looking for London office space for rent, then you should consider looking at My Office Move, whose listing of London office space make it simpler to find an affordable option within your price range in the highly competitive capital city. Moreover, if you are in the retail business and needs a warehouse to secure your stocks, you might want to consider renting a storage unit in London. Extra location costs can also cover costs such as energy bills and marketing from remote areas.   

Personal Preference

However, when setting up a business, it is important to consider your own personal needs, such as whether you are happy to make the move from Exeter to London or whether you can commute easily. Your business is about making a living about something that you are passionate about, and so the personal preferences of both you and your employers should come into consideration, such as ease of access and the quality of life in your chosen location.