Choosing a location for your business is one of the single most important tasks you have to do.
Not to sound too serious or anything, but it will make or break your business opportunity. Picking the right location can rocket you to the stars themselves. However, if you don’t put too much thought into it, it could ruin your chances of achieving anything.
Know Your Demographics
First, you have to understand your potential customers. Getting to know exactly who your customers are will eventually determine how physically close to them you need to be. For some companies that deal with providing a direct service, being in the vicinity of their customers is of the utmost importance.
Next in line for consideration is whether the community you choose to be around matches the customer profile you need in order to sell your services to them.
Let’s face it, there are areas with economic stability and those without it. If you have a product that is out of the price range of your community, you are less likely to succeed in selling anything.
On the other hand, you also have to consider the age of the community and their general interest. Young people living on their own will certainly not have the same interests as ones that are a bit older and living with their families.
Your business would be nothing without your employees. That is why you have to take into consideration whether your surroundings have the proper talent pool you need. A location that keeps you close to potential workers could mean a world of difference.
You didn’t think there was so much to think about there, right?
Understanding the affinities of the locals that are supposed to be your customers is definitely something not to be disregarded.
On the other hand, if your business is based on online buyers of your goods, the choice is, then, much easier.
Consider the Costs
Could paying a little extra for a certain location be good for business?
Yes, definitely. If you have the money, of course.
But, in today’s relentless market, things aren’t always as simple as that.
Whether we like it or not, we are definitely limited by how much money we have at our disposal. Maybe in the process of choosing a location for your business you have found the perfect one. Unfortunately, it might cost a lot, and be well above your price range.
That is why you need to be aware of your possibilities. Even though the pricier location could be the exact thing you need, there is no point in choosing something you just can’t afford. Spending a fortune on a location would only mean losses to your business. By choosing a more frugal option, you would have more money to invest in something more concrete that will actually make your business grow.
This doesn’t mean that there aren’t many other places you would be completely thrilled with, at significantly lower prices.
Take, for example, Circle Hub. Our two locations will give you everything you need at a very reasonable price. Just one look at our interiors and our neighborhoods, and you will see that you have found the place of your dreams.
Be Aware of the Traffic
Everybody hates the commute, right? If they could fly themselves right to where they are supposed to be, they would.
However, living in a big city, whatever the city may be, means having to deal with loads and loads of traffic jams.
That is why it is important for your business to be well connected to different parts of the city. This will make things easier, not only for your employees, but for your customers, too. They can find you more easily, and be able to cross long distances fast to get what they need.
Imagine having an office in the middle of nowhere, with no way for others to reach you other than their car.
This would be really inconvenient, don’t you think?
So, be sure to be accessible to as many people as you can.
Be Close to Foot Traffic
This is a continuation of the previously mentioned consideration of traffic. If you are considering how people will get to your location, you mustn’t disregard those that will pass your office every day.
That is why it is also essential for your business to be somewhere where many people would be able to see it while going around on foot. You know yourself that having offices on a street where there are a lot of cars and buses, but not many pedestrians, would be a sure miss.
Passers-by could make up a large part of your customer niche, so be sure to think about this clearly. Definitely include locations that are filled with passers-by. This is just one of the things that makes Circle Hub’s Northridge and Ventura locations absolutely ideal.
Think About Parking
Going around in circles is complete agony when trying to find a parking spot.
Remember how annoyed you get when something like this happens?
Now imagine that somebody just as annoyed is on their way to see you. The frustration they feel is the last thing you need, especially if they are a potential customer or a business partner.
That is why it is important, while choosing a location for your business, to do some research about available parking spaces.
The questions you need to ask yourself are:
- Is there an accessible parking lot nearby?
- Is it accessible to people with disabilities?
- How busy is it?
- What are its busiest hours?
Knowing whether your location has a proper parking space nearby will make everything so much easier. Your customers and potential business partners will have the opportunity to access your location more quickly and with ease.
In addition, if you have any goods being distributed to your location regularly, then this is something that you definitely have to think about. Imagine a truck full of goods not being able to get near you. Then, everything you’ve done will be in vain. That said, if you are in need of a truck full of goods every day, then opting for a city center location would also not be wise.
If you decide to go with Circle Hub, parking won’t be an issue. We have plenty available at both of our locations. Choose from street parking to assigned spaces directly outside our building. Talk about easy!
Know Your Competition
To survive in the harsh business world, you need to know your competition, and you need to know them well. You have to know what, where, who…the whole lot.
Sometimes, being in close proximity to your competition could be good, sometimes it could be bad. Of course, that depends on what you are selling and who your target group is.
When there are too many similar companies located nearby, that can be detrimental to a business. There is too much on offer then, and you are not able to catch your customer’s eye. That’s what happens when there’s fifteen of the same businesses at the same location.
So, in the process of choosing a location for your business, be sure to figure out whether having competitors near you would be good or bad for business.
If you are a clothing company, having other clothing stores around you isn’t bad – quite the opposite. People are more likely to go to a shopping district where they have more to choose from, rather than going to just one store. In that case, having competitors near you is the perfect way to build your way up.
However, as we have previously mentioned, this is not always the case. So, you’ll have to make the choice on the basis of your particular niche, and go from there.
Get to Know the Services and Amenities Available
Choosing a location for your business, especially if you are considering coworking office spaces, cannot be done without a deeper insight into what that place has to offer.
There are many different coworking spaces that cater for various needs. However, there are some basic things each co-shared office space has to have.
Let’s face it, if you are choosing a location for your business, this is a very, very important item on the agenda. In today’s world, nothing can function without a proper internet connection. Especially if there is an important business issue you have to deal with quickly.
Imagine the frustration, and the possible losses, if all your business endeavors depended on a slow and unstable internet connection. That would truly be a disaster.
So, be sure to check the reviews of the place you’re considering regarding the connection. It’s the 21st century, and some things are simply inadmissible in the business world. Poor internet connection is one of them.
There are different types of arrangements when it comes to renting a coworking office space. Whether you are opting for a seat at a hot desk, a designated desk, or a private office, each seating has to have satisfactory equipment.
What does that mean?
Well, apart from the stable internet connection, the coworking office space of your choice has to have enough computers on stock, high-speed printers, and many other items of equipment you need to finish your work on time. So, while you are choosing a location for your business, be sure to check the equipment that they have.
In order to advance in the business world, you have to hold business meetings. Making business connections and business proposals of different kinds is an essential part of every business.
That is why, when choosing a location for your business, it needs to have a proper conference room. There, you can hold business meetings with potential business partners or clients, as well as your own internal business meetings with your staff.
Search for a conference room that will make people feel comfortable. One of the best conference rooms, without a doubt, can be found at Circle Hub. It is equipped with a whiteboard and a flat-screen TV, which make it perfect for different presentations.
Both Circle Hub locations, in Northridge and Ventura, have multiple conference rooms, where you can seat up to 16 people. This make them perfect for hosting a good business meeting.
Complimentary refreshments are included too, so your business guests can totally relax.
When choosing a location for your business and deciding which coworking office space you should rent, you should definitely pay attention to additional amenities they have to offer.
You may consider it unnecessary, but having free coffee and food at your disposal could really come in handy when you are solving a difficult business problem.
Every one of us needs a break during the day, and there is nothing better than having a cup of coffee and grabbing something to eat. Not to mention it is cost-effective, because you don’t have to spend additional money at coffee shops or restaurants.
If you are not a coffee type of person, there is also tea. If you are neither, there are always gaming rooms, where you can really unwind.
Yes, you heard us right, a gaming room. Many different coworking spaces, including Circle Hub, have video games to improve your mood during the day. There are also private nooks, where you can just lie down and take a nap. Yes, a nap! Or, if you’re more of an active person, choose a location with an onsite fitness center.
So, as you can see, choosing a location for your business encompasses a lot more thinking than you might have thought. However, work your way through Circle Hub’s list above and you’ll soon find yourself the perfect location for your business.
Think Circle Hub’s locations are perfect for your business? We think so too! Get in touch today to book a tour of our facilities.