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As a business owner, the choice of your location is defined by a variety of factors. Indeed, you need to be visible where your primary audience is likely to commute regularly, which means that it’s a good idea to dive into demographic considerations before picking an address. Additionally, you are also attached to a specific budget. Making your budget suits your demographic requirements can be a challenge for new entrepreneurs. As a result, you might find yourself having to pick a less desirable location. What should a business do when you’re not confident in the location you’ve got? Indeed, whether you feel the address is not suitable or the area is unwelcoming, there are some necessary precautions you need to take to protect your activities.
First of all, your premises should be secure, even more, if you have a bad feeling about the location. Ideally, every company needs controlled access into the building as well as locks on doors and windows. Depending on the type of business you run and the level of risks, you may want to consider CCTV installation to protect your premises from intrusions. CCTV security is a no-brainer for shops and companies that keep expensive equipment in the workplace. Additionally, if your company has opening hours that bring regular visitors, you may find it more reassuring to hire security guards to discourage day-time burglary and crimes.
Your business belongs to a local community. From local shoppers to companies that support or supply your business, you can’t ignore the importance of your local community. As a result, you should also find ways to strengthen the bond with it and give back whenever possible. Ultimately, belonging to a community protects your business from local disruptions, crimes, and competition. However, you need to make the first step to engage and interact with your market to become an integrated and respected actor in the local economy.
Your customers are your most valuable source of information. They are the first who can let you know whether your business location is suitable for them. The best and most straightforward way to find out whether you’ve picked the right address is to ask your customers. You can also organise focus groups to understand how your audience thinks and whether you can reach out to further groups without changing your location, for instance.
The first and most important question you need to ask yourself is whether you need a physical address to thrive in the business world. Indeed, depending on your activities, you can fulfil your tasks in a virtual office setting, which would remove the need for premises. Additionally, industries such as e-commerce can rely on warehouse and delivery services such as the Fulfilment by Amazon, which can manage your products and shipping for you.
As a new entrepreneur working with a limited budget, you may not be able to rent out the most glamorous location for your company. However, you can think of your location journey in terms of a business ladder: it’s a work in progress that improves with your business growth. In the meantime, if your audience is satisfied, you need to keep the premises safe and integrated into the local economy.