If you’re looking to run a successful and highly profitable business, then selecting the correct location is vital. The location of your business, and the potential to locate and attract customers within that location can be the difference between your business posting a loss or a profit.
There are a wide variety of locations that your business can choose, and much of what will make your business profitable will depend on what niches and markets that your business works in. However, for others, it is much more complicated than this. Here, we look through three common options, listing their pros and cons.
A relatively new concept, ‘virtual offices’ allow you to maintain professionalism in front of clients without paying extortionate amounts on rent.
A virtual office is a place where you can base all of your meetings with clients and your post etc. without having to rent a full time premises there. This is ideal for those with fledgling businesses in storage boxes who need somewhere professional to meet their clients. In doing this, it will boost your business’s profitability by making you appear larger than you actually are, wowing your clients and customers into doing business with you. It’s an especially good idea if you need somewhere London based, as permanent rates can be extortionate, and hourly rates are far cheaper.
Out of Town Retail Parks
The number of business parks across the world has been booming over the course of the past decade.
This is because out of town retail parks, where your business will be surrounded by tens of other businesses get a significant amount of footfall without paying the sky high rents associated with a property in the city centre.
The downside of course is that footfall is still lower than in a city centre and, depending on your clientele, you may not receive enough customers in passing trade. Few people travel to a retail park mainly to browse (as they would in a town centre), so you may miss out on browsing shoppers.
If you need high volumes of footfall from passer-by trade, then a city centre location is ideal. City centre locations get a lot of passing trade and browsing customers, which means footfall is always high.
The only downside to a city centre location is that rents are often astonishingly high, so you have to be certain that your business will be able to attract customers.
Carefully weigh up the pros and cons of each of these options, and decide which is best for you. It’s often not a straightforward choice, so ensure you take your time and properly weigh up the options.