There are many factors that can contribute to the success of your business. It includes your people, product, service, as well as customer service. All of which can be directly associated with your office location. Sometimes your office location can make or break you. It is important to both your customers and employees, so you need to take care in deciding on an office location for your business.
Let’s take a look at how your office location impacts your business.
Related Business
Do you ever wonder why gas stations are situated next to each other? Or why convenience stores pop up one block, face to face with one another? In business there is a term called benefit of localization. People tend to flock to a place where there are many options than an area with less choices. Not only does this keep you close to your market, but it also helps you to check in with your competitors from time to time.
In addition, if you are just starting out with your business finding an office space in an area known for your industry will help you get customers or clients and employees… A well-established area means people are aware that it is a place business like yours locate offices.
Where is the Talent
Your employees are the life-blood of your business. They are the ones that operate it and keep it running smoothly. The location of your office can contribute to the quality of talent available for hire. The availability of talent pool likely depends on your physical location because of a major factor, transportation.
If you are in an urban area you will have a higher talent pool than if you are in a rural area simply because of population. Also, how easy is it to get to your location. People will be attracted to how easy it is to get to your office.
As an example, if you are trying to staff doctors, a job near a medical school is a good choice because of those students will be looking for jobs after graduation. The same goes for lawyers and law school. These students are familiar and comfortable in the area because they’ve spent so much time there.
Balance Your Expenses
Renting an office space can be expensive. It is probably one of the top expenses of your operating budget. What you need to know is the pros and cons of your options. A few questions to ask include: Will spending a little more money on a better location generate more business or not? If so, how much more. How about your employees? Will a higher priced location make a difference in your retaining or attracting good talent? The answer to these questions can help you determine what is best for your company.
Zip Code Envy
When you hear 90210, you know that it is an expensive area. There is a zip code like that in every city. One that you just know is expensive. It is teh same with a business location. If a business is in a downtown area with a downtonw sip code, that signals they are serious. If you think a business is serious, that must mean they are doing well and are good at their job. This will help customers and employees have a good impression of you. When you are planning your office, think about what a zip code can do for you.
Location, Location, Location!
As with all real estate the three most important considerations for your office is Location. The wrong location can cause long term problems with customers and employee. Have an experienced tenant rep working for you will provide you the benefit of having someone who can provide insight into the office options you have.
Getting Reliable Help
If you need help finding and negotiating for office space, contact us and we will put you in touch with a great tenant rep who will help you at no cost to you.