12 days of start up: Day eleven, Location, location, location

By Shirley Hermiston 

This series of blog will help us countdown to Christmas providing some useful information to those of you who are considering self-employment and hopefully get you on the right path to setting up your own business.

Following on from yesterday’s blog about running your business from home, today we look at those businesses who would suit a commercial property.

You have your business name, your logo, you’re all registered with HMRC and you know what product or service you are selling. Now you just need to find somewhere to run your business from.

Do your research in the area thoroughly before making a final decision, read local papers and speak to other small businesses in that location.

Also find out the location of your competitors. Whilst a city centre location may be what you have dreamed of, don’t rule out other locations outside of a busy city centre. This can help you stand out from the crowd so be sure to look at all options.

Look at it from the customers’ point of view and think about where your customer would prefer to be located. If you require passing trade, research the footfall in the area. If the area is neglected, you should reconsider. 

Good competitors are retail stores that compliment your business by drawing a similar target audience to your store’s surrounding area.

It’s very tempting to jump at a location you fall in love with – but just like in residential real estate, “head over heart” is the best approach when it comes to picking a retail location.

Finally, look out for hidden costs. At first glance, a cheaper monthly rent may seem the obvious choice, but check what it includes. Is there an added service charge? Do you have to pay extra if anything goes wrong with the building or will your landlord cover this?

As always if you need any advice on your steps to business please call: 0191 516 6149.

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