This is probably one the most time-consuming and frustrating tasks in setting up a business. There are several important things to consider when you look for your base of operations. Firstly, you need to decide where your main headquarters will be set up. If you are starting a retail business, traffic is a main concern. However, this does not mean location is irrelevant if you have a service or manufacturing business. It is important as well even though it does not have as much impact on your daily sales. You will need to look into details like whether your company would want to lease or own a property, the size, layout and expected utility costs.
As you are selecting your ideal location, jot down your impressions and any keywords that might help you in the decision-making process. The weed out any areas that are not central or do not apply to your particular type of business.
Here are some questions to help you along the way:
- Why did you choose this location?
- What other locations did you consider? Why did you decide against these locations?
- Does your proposed business comply with local zoning laws? (for example, in Malaysia, you cannot operate a business in a house in area designated for residential only)
- What are the other businesses in that area?
- What are the businesses that are complimentary to yours?
- Are you near any direct competitors?
- Is this going to be your company’s permanent location? If not, how long do you plan to be here?
- If you are leasing, how long is the lease? Any renovations necessary?