There is much more to consider than just the cost. One of the basic concepts that are taught in almost any course and introduction to marketing is that of the four P’s: Price, Product, Promotion, and Place. Place refers to the area of distribution or location, for example, where the customer evaluates and receives your product or service. While this does not seem to matter to people who work virtually, or who have a drop-shipping business, it is critical for restaurants, retailers, and even for many service businesses. Ironically, although Place is often the most permanent of the four P’s, it is often the most overlooked.
The location is more about choosing a building. For example, opening your business in your own city is a fact, but consider the complete image:
Taxes on income and sales vary from place to place, in the same way as regulatory requirements. Is the place where you live friendly with entrepreneurs? Income and other costs, labor availability, taxes, regulations and government economic incentives may vary from city to city, even in the same region. Or maybe a small town is the perfect place for your company.
Location relative to streets, parking lots, and other businesses
Do you need to be visibly and easily accessible to pedestrian and vehicle traffic? Will it help you to be close to business oriented to the same clientele? For example, a sports or health food store might work well being near a gym. Do you need office space, for store or warehouse? For retail is usually the most expensive.
It is also very important to consider the presence of some facilities that can help you settle or move to that location like moving companies in Jacksonville. For convenience, you can easily find a good one by looking at some directories on the web. You can just type online the phrase “movers near me” then there will be a list for you where you can choose from. Be wise in selecting a moving company that can help out you well to your business location.
There are many factors to consider when choosing the location of your business. While cost is obviously an important consideration, you should also think of different constituencies. Is the location of your business important for…
The space has to be functional for you. Remember, you are the one who has to work there every day.
It also has to work for your customers. Without customers, there is no business.
This item may not be as critical yet, especially if you do not have employees yet but the ability to attract and maintain good employees will be affected by the location.
Although this may not seem so important, the reality is that strategic partnership occurs more easily when partners are close to each other.
Potential investors or buyers?
Can you afford it? Also, consider whether your customers and employees can afford it. For example, do you have free parking or is it very expensive? Does high income mean you have to charge higher prices to your customers? That is not necessarily a bad thing, but it is a factor to consider. And what about taxes? Taxes on income and sales vary from place to place.
Is it easy to find? Is there a parking nearby? Consider your customers. If you are dealing with women who are pregnant and older adults, they may have a different concept of convenience.
This is an item whose importance has increased for customers and employees. Is parking nearby and well lit? Is there security on the premises?
Requirements of the facilities
Do you have special needs, such as high power consumption or special wiring? Do you need meeting space, but only occasionally? You might consider a shared office.
Many cities have areas with specific requirements. Make sure your business is accepted at that location before signing the lease.