Quality of products/services, resources, operations, marketing tactics, and customer service are some of the critical determiners of business success. But, in the real sense, the number one factor that dictates whether your business will succeed or fail is the business location.
In fact, choosing your business location is the most critical decision that any business owner out there will make. It doesn’t matter whether you are starting a new business or thinking of company relocation, the choice of your business location can mean the difference between success and failure.
Selecting an ideal business location usually requires precise planning and research. You need to assess demographics, supply chain, competition, and ensure that you stay on budget. Here are some of the critical factors that you need to consider while choosing your business location.
Demographics
There are two ways of looking at demographics when thinking of company relocation or setting up a new business in an area. First, you need to consider who your potential clients are and how close they will be to your business. If you are starting a retail business or providing specific services, being close to your customers is critical. However, for some other types of businesses, this might not be so critical.
You also need to take a look at the community in your preferred area. If your client base is mainly local, does a significant percentage of the population in the area match your ideal customer profile? Does the location have a stable economy that will sustain your business in the long run?
Lastly, think about the workforce. What skills do you desire and are people with such skills and talents available in the area? Does the location have sufficient resources to serve your unique business needs? Will your staff members access schools, affordable housing, recreational opportunities, and other amenities?
Competitors
Before you decide that you are going to set up your business in a particular area, make sure that you scan the area to see if any of your competitors have set up their businesses in that location. This should be the case even if you are thinking of company relocation.
If some of your business competitors have already established their presence in the area, chances are they will make it difficult for you to thrive. However, if the customer volume is high in the area, there is no need to worry about your competitors.
Accessibility
Does your company rely on frequent deliveries? If so, you need to make sure that the location is accessible. Assess all the local transport links especially the motorways and main roads. If you rely on customers who come to your business premises, you need to ensure that the location is accessible by car, bus, or train.
You should also ensure that there is sufficient parking space to accommodate your clients. However, if your business doesn’t rely on frequent deliveries, or if it is purely online, you can go for an out of town location provided that your daily operations won’t be affected.
Security
Did you know that your business location may increase your chances of being affected by crime which in turn can influence insurance premiums and force you to implement additional security measures to keep your business premises safe?
Knowing the security situation of the area you are considering is a critical element of your business decision-making process. Before you start thinking of company relocation to a given area, make sure that you know the crime statistics of the area. This will help you to make an informed decision of where to set up your business.
Communication
Technology has become a significant business driver in the 21st century. Therefore, you need to make sure that the business location you choose has IT infrastructure. You should also make sure that the area has communications wirings and ask the landlord whether your business space is connected to a high bandwidth internet connection.
These amenities can be essential for your business, and they should be a major consideration when planning company relocation or setting up a new business in a given area.
Why Choose Malta for Business?
Despite being one of the smallest countries in Europe, Malta is highly regarded as one of the hottest business hubs in EU. In the wake of increasing uncertainty that surrounds the whole issue of Brexit, most companies see Malta as an ideal company relocation destination in EU. What is more exciting is the fact that the government of Malta has introduced a wide range of incentives such as tax benefits that aim to attract more foreign companies to the Island.
Relocating your company with Welcome Center Malta
Welcome Center Malta is equipped with a team of experts ready to assist companies relocating to Malta. Whether you need company formation, tax advice, VAT registration, banking or any type of corporate services, you can rely on our team for a successful relocation.
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