March 27, 2023
With thousands of businesses converting to online commerce, the importance of an office or storefront is often overlooked. While internet commerce is undoubtedly at an all-time high, millions of consumers still shop and do business with brick-and-mortar companies. Your business location can have a significant impact on your price points, accessibility, and your competition. Where you set up your shop should be one of the most carefully considered aspects of opening your business. Office location is truly everything when it comes to business success.
Your business location will contribute to your brand perception, so it should be given special consideration. Work with experts like the Jeff Tabor Group to help you find the commercial property that is the perfect match for your business. Let’s take a closer look at a few important ways your office location can influence your business.
Your choice of business location can influence how your customers perceive your brand. It’s best to try to match the location environment to your industry. For example, if you specialize in vintage clothing or design, finding an old textile plant or a classic storefront retail establishment would best represent your brand. If your business is in the financial industry, you may want to find an office in the business or banking districts to showcase your authenticity. Your location will say a lot about your brand, so make an appropriate choice.
Your business location will directly influence your operating costs. If you are in a desirable or trendy area of town, you could be spending more on a lease than you can make in profits. While on the other hand, your location will affect your corporate tax implications. Before you commit, research rental costs, property taxes, return on commercial investments, and tax regulations on a business property.
If your business relies on physical customer traffic, you want to be in a high-traffic area where customers can easily access you. Not only should you be easy to find, but your business should also be fully CAS compliant. Make it easy for your customers to find you, shop, and recommend your location to others. Businesses that are hard to find or don’t offer easy access to all customers will struggle to gain recognition and profits.
Every type of business will have some competition. When searching for a new corporate property, consider where your biggest competitors are located. You don’t want to be too close to another business that offers the same services or products. Before choosing a location, do your research to find an area where you will not be in close proximity to your competition.
Your business location will influence your pricing strategy. In an area with higher property taxes and incomes, your price points will be allowably higher than if you were in a middle-class neighbourhood. Ensure you are located in an area where your pricing structure will reflect your intended profits.
If you are looking for a new commercial property, it’s essential to consider these important factors of your chosen location.