Location is an important aspect for any business. It is important for every business owner to pay close attention to the location they are choosing for their store. A business set up in a wrong location can affect its growth to a large extent. A location can have positive or negative impact on the business in terms of the employees, suppliers, customers and on the business too. Let us see the impact that a business location can have:
Impact on employees
Your business location can have an impact on the potential employees. Employees always look for a location convenient for them. Availability of bus or train route is one of the biggest factors when it comes to location. Employees like to work for businesses where commuting daily is feasible, and it won’t be a problem. Also, if your business has a free parking space, it can be an added advantage for the business. Apart from this, presence of cafe shop, food joints or a coffee shop near a business is an added advantage for a business. Employees find it convenient when there are food joints and cafeteria nearby their work place so that they can have their meals without any hassle.
Impact on suppliers
If you have a product-based business, suppliers are a prime necessity for your business. Without suppliers, you won’t be able to sell products to your customers. So, it is imperative to consider the location of your business and how far it is from the supplier location. Easy access between the business location and the supplier location, can have a positive impact on the business. Let us see how-
- The speedy delivery can help you restock products back in store much faster
- It will help a business to see their suppliers and the products face-to-face
- Local suppliers within the reach of a business can help and grow the local economy to a great extent
Impact on customers
It is important for a business to choose the location based on the target audience. You need to figure out whether the customers of your business are locals, all over from UK or tourists. If majority of the customers are locals, a shop in the city centre or the town square would be ideal. If consumers of your business are all around UK, being near a motorway or a major highway can be a good idea. For businesses with consumers from overseas, it is better to set up your store near airport.
If you have a B2B business, it is important for you to meet new clients and other business owners every single day. The ideal location for such businesses would be any kind of business or industrial park.
Potential customers will be disinterested if your business is difficult to find. Also, if your business does not offer a parking space, it is difficult to reach customers having a vehicle of their own. However, if you are a small florist in city centre, then your store would expect more of footfall rather than providing a parking space.
Impact on your business
Though location is an important factor for any business, it is always better to choose the location that you can afford and not go for expensive ones. There is no-point in choosing an expensive location, it may eventually lead to financial problems in future. You need to go for a location that you can afford and change to an advantageous location later when you grow.
Author Bio:
Pall Mall estates (https://www.pallmallestates.co.uk/london/)in London provides different commercial and retail properties to let for business owners throughout London. No matter what the budget is, the to let offer provided by the organization lets a business to choose a suitable location based on their needs. So if you are planning to set up a store in London, go for the options provided by Pall Mall and get a convenient location for your business (#LoveYourLocation). Pay mall offers low cost, high value office space and industrial units to add a new dimension to your business strategies.
