Whether you are starting up a business, relocating, or expanding, the main three factors you need to weigh in are location, location, and location. Regardless of the circumstances in which you are looking for a new office space, making sure you pick the right place will definitely give you a competitive edge over others.
The first thing you need to look in to is your customer base. Especially if you are in retail, this will be vital in helping you decide the location of your business. Does the local area that you are situated in have a sufficient number of people that will fit your target market profile? The answer to this question will have a huge impact on your locating decision.
Accessibility and Visibility
Along with the proximity to customers, you will also have to make sure that the accessibility of that location fits your requirements. For example, if it is a retail business, you will have to ensure that there is sufficient parking, that it is a well-used road and that it is easily accessible through public transport as well. Visibility is highly important to a retail business, especially if it depends a lot on impulse buying. If your business receives regular supply deliveries, you will to need check whether those delivery vehicles will be able to easily access the new building as well.
One main factor that you cannot obviously ignore, is the cost. Talk to a real estate agent Hong Kong consultant beforehand and find out if the price you have to pay for a particular building is worth it or not.
A trusted real estate agent will also come in handy in helping you to find out the best deals available in the area. Make sure that you will be able to continuously pay the rent and that there will be no hidden costs that may suddenly emerge in the future, before you actually close the deal.
Your proximity to your entire value chain, is also an important factor to think about when deciding your business location. Being close to your suppliers will ensure faster raw material delivery, as well as cut down on your cost. If your usual suppliers are located elsewhere, consider making a change to a local supplier. You will not only be able to gain a cost advantage, but you will also be able to use it as a marketing tool. Along with suppliers, check if there are other supporting services, such as banks, warehousing facilities, and delivery services, nearby. These will be added benefits to consider when settling on a location.
You will also have to check out your competition. See if there are any long time established competitors in the area, with loyal customer bases, before you decide to move in. Being close to a big competitor may harm you, but may also end up being beneficial. Especially if you locate yourself within an industrial cluster, you may get an added benefit by having your business located in a place that is frequented by customers in your target market.