If you are considering starting your own business, the location of your office / shop will be one of the most important considerations. Here we share some tips on what to consider:
Home or away?
First of all, what sort of business will you be running? If it something where people won’t generally need to visit you (for example, you provide an internet marketing business or a virtual assistant service), you may wish to weigh up the pros and cons of working from home.
If you have a spare room at home and know you’ll be disciplined in treating that room as your “office” and going there every day, this may be an option for you.
Also note that if you do work from home, there may be tax implications (good and bad), so do speak to an accountant for further advice.
If your business is to be one where people visit – whether it is an insurance brokers or hairdressers or fast food restaurant – then choose your location very carefully.
While this will be initially driven by any budget you have allocated, location is key. So, a hairdressers on a high street or near a railway station where getting to it is easy may do better than one where it is a drive away, from other shops. Also, take in to account the “treat” factor – if your premises is somewhere where there is lots of footfall, you are likely to get more people just walk in off the street to “treat” themselves, whether it is to a new haircut or something to eat.
Once you have narrowed down the location, talk to other shop owners in the vicinity to see if any properties are due to come up for rent /sale or whether there are any special government assisted grants available. Ask if there are any rumours about the local area (for example, if you are thinking about opening a coffee shop, make sure there are no plans afoot for a Costa Coffee or Starbucks to open up nearby). The less competition you will have, the better.