How To Select the Perfect Office Location
There's something to be said for selecting the perfect office location. A range of diverse considerations need to be taken into account to ensure you and your employees are as happy and as productive as can be. Taking the time to seek out the ideal location is perhaps the most crucial decision of all - and one that shouldn't be neglected.
Like any big business decision, selecting the perfect space requires evaluating a number of key points: demographic, competitor research, supply chain, budget, and zoning regulations. On top of these more business-orientated considerations is amenities - is the location right for your employees on a fundamental level? Answering these questions can be a headache, but it doesn't have to be.
Here are a few important considerations you should be making when selecting a space:
- Where is your market? Where are your competitors based? Do you want to be close to them, or as far away as possible? Depending on your brand image, you may want to be located in something of a 'market hub'. Think Silicon Valley, Canary Wharf, or the Shanghai Central Business District. Businesses occupying space in locations like these come with an instant image boost. If it's credibility you're after, selecting a space in an area affluent in your market is key. For the business on a tighter budget, a virtual office solution might help you achieve this goal.
- Where are your customers? Is it important for your business to be close to them on a ground level? If you want a front-facing business with a physical presence in the market, location prominence is important.
- Where are you and your team commuting from? A great geographical location ensures everyone can get in on time, with low costs, and minimum stress. Close to a public transport station? Congestion charges in the locality? Ample parking? All hugely important factors to consider.
- What extra requirements might be raise issues in the future? Disabled access is vitally important - as are taxes, safety, and zoning regulations. It's best to approach an area with a good knowledge of these issues, and how they might affect your business.
- If and when you decide it's time to expand, are you able to do so with ease? Many business centres and office space operators make allowances for expansion and downsizing as a gesture to continuing clients. In the current climate vigilance is key to success, so it's vital to be prepared for a sudden internal boom or bust. Make sure your space provides for such a possibility.
- Amenities. It might sound petty, but selecting a space far away from other businesses that can provide employees with a little much-needed downtime can lead to dissatisfaction and a subsequent drop in productivity. Make sure this doesn't happen by ensuring that, at the very least, there's a fantastic eatery nearby.