Are you launching a new venture or are you on a mission to develop a side hustle into a fully-fledged business? If you have grand plans, it’s important to think about where you’re going to base your business. In this guide, we’ll discuss some essential considerations to help you make a decision.
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Location is key for some companies, but this is not always the case. One of the most critical factors to think about when choosing where to base a new business is the impact of location. If you’re opening a store, a cafe, a hotel or a salon, for example, the location is going to be more influential than a consulting business you could feasibly run from home or any office location. You will need to think about how important footfall and passing trade are and how you’re going to staff your business if you plan to hire employees. Prime locations come at a premium price. If you are reliant on footfall, high prices may be justified, but there’s little point in paying for office space in a sought-after location in the center of town if you don’t need to have an address with an exclusive zip code. Consider the options on the table, research and make decisions based on the requirements of your business.
FLEXIBILITY & REMOTE WORKING
More and more companies are embracing flexible working arrangements and offering employees the opportunities to work from home, to work remotely, or to combine home working with going into the office. Remote working can be hugely beneficial for business owners and employees, but it might not be a viable, long-term solution for employers across every sector. Analyze options, speak to your employees, and think about how the business would function best. If remote working is a viable proposition, you could save a substantial amount in expenses, for example, rent and travel costs for employees.
Every business owner has to manage their finances and balance the books. Your budget can have a major influence on where you choose to base your venture. Depending on what you do, how many people you employ and how you attract, serve and interact with customers, you can explore options ranging from running a business from home and hiring office or retail space to buying business premises. There are also solutions such as virtual office spaces and facilities that enable you to pay as you go for communal meeting rooms, for example. Narrow down the options open to you based on your budget and your requirements. If you’re just starting out, it may be beneficial to consider running the company from home or hiring a small office and then exploring other options once the business takes off.
There are several decisions to make when launching a new business, including where to base your company. Today, there are all kinds of options and it’s beneficial to take time to undertake research and weigh up the pros and cons and to make decisions based on your individual needs, your budget and the types of products or services you provide.