There are a lot of things that one should considered when looking for a new location for your business. That said, one of the more overlooked aspects in prospecting for a new location is accessibility. The concept of accessibility when it comes to finding the right location for your business is a broad topic. Thus, we will break it down into several categories.
Accessibility for your Clientele:
How accessible is the location for your desired clientele? Before pulling the trigger on a piece of real estate you need to ask yourself, “will my clientele be willing to come to this area?” Also, “can they easily find me?” All too often businesses will find a location that fits their financial needs/goals but, they have trouble bringing in their customers because the location is in an obscure spot that is hard to find. Or the location is simply to far out of the geographical range that their clientele is willing to travel for.
Accessibility for your employees:
Accessibility is also important when it comes to your employees. You need to ask yourself, “Does this location provide enough resources to the acquire the necessary number of employees?” Also, “does this area have people with the required skill level needed to successfully run your business?” To elaborate, let’s say you are running a manufacturing company and you find a great deal on a building in a small community with a significantly low unemployment rate. Now, if you were to purchase this building, you need to truly consider if you are going to be able to pull enough talent from the local community to run your operation successfully. If you are not able to, what would it cost to bring in the right people?
Accessibility for your Vendors:
Lastly, (but definitely not the least important) are you in an area that you can easily access your vendor base and visa versa. Sound logistics is a crucial component to any businesses. Without sound logistics; no machines can be built, no furniture can be assembled, and no retail product can be sold. Therefore, when choosing a location, it is important that you are close to your vendors or have the means to acquire your inventory with relative ease.
Although there are various other key factors that will play a large role in choosing a location for your business. Ensuring that your new location is easily accessible for your clientele, potential employees, and vendors should be near the top of your list.