When a business owner decides to set up a business, the location of that business can be imperative to the longevity, success, and prosperity of it through the years. Some business owners do not think about where they are going to place their business, and that can be a detrimental decision as if the products or services are advertised and promoted to the wrong sort of target audience, then a business is more likely to fail compared to a business which is in a good location and, as a result, promotes itself to the right type of target audience. Depending on the type of business, it is important to think about what sort of location would suit it in the best way. For example, if your business focuses on providing a service in the hospitality industry and is a modern, contemporary bar which sells craft beers, rare wines, and exotic liqueurs, a city location would probably be the best choice compared to a rural location in the countryside where it can be difficult for customers to travel to. People in the city like to experience unique and diverse things, whereas people in the countryside may be more stuck in their ways and would prefer to go to their local bar or restaurant rather than choosing to go to a brand new, modern one. That may seem like a broad statement, but it can be true especially if there is not a big population in the countryside location as everyone tends to know everyone, and can stick to their own.
However, if your business is more of an online business, then the location will not matter as much. You could run an online business from your home, or in a shared office space, as your customers will not actually be buying your products in a face to face manner, and instead, they will solely be buying online. However, if you do run an online business, the location of it can be important when it comes to hiring employees. If your business is situated in an area where public transport is difficult to gauge, or if the area is hard to get to via public transport or via car, then potential employees may be put off by this. The majority of employees would rather travel a short distance, compared to a longer more difficult one, so if you are looking to expand your business, think about setting up a new office space somewhere central or easy to get to, rather than an area which can be difficult. Some aspects you will need to think about when expanding are: how is your target audience going to be affected (will there be a drop in the amount of information on social media or your website due to how busy you will be in your move?) and should you research some IT consulting companies who can help you update your website with all necessary information when you move office? Will your current employees be comfortable with the move? Another aspect which you could think about is whether the move will mean you have to invest in bigger offices or offices of the same size – this all depends on the size of your employee fleet. There are lots of things to think about when expanding, so make sure you put the right amount of research in so that you do not make a wrong choice which could affect your business detrimentally.
Other than the location of your business being an important crux in your decision to allow the best profit margins to be made, it is also an important decision as when your move your business into a location, it is a given that you will end up getting to know other local business owners which can mean that your business will be able to gain positive aspects from getting to know other businesses in the area. Independent business owners do really like to support, promote and help other local businesses in their area. When this happens, it can form and create a sort of community of businesses in the area, which can help each and every business. For example, if your business specialises in fancy dress or products which can be used for special occasions, and there is a business local to you which focuses on providing bespoke cakes or food for parties and special occasions, then you could advise customers to visit that business after they have used your business, so that the customers can easily sort out details for the special occasion. This also means that your business and the business local to you will profit and gain from a good working relationship between you both. Other than helping each other out in terms of profit, local businesses that have a good relationship can also further support each other through helping each other with aspects such as business improvements: lending tools for DIY jobs, advising each other on the best labour businesses to get in touch with who can provide a great service at a good price. Customers can also tend to feel more at home when they see different businesses supporting each other, as it can create a positive atmosphere and a feeling of care and sincerity. More customers are deciding to shop local nowadays, and they are ditching the big corporate chains. This is because people are realizing the importance of community and supporting local businesses, which in turn, will put more money into the community in terms of jobs and sponsoring events, sports teams etc.
Therefore, when you decide to move your business into a community, think carefully about how you are going to appeal to customers and how you are going to build rapport with fellow business owners. These details can be essential in allowing your business to become more profitable, streamlined and can also allow it gain more of a reputation.
It is not just through a physical location that you can make your business more profitable and reputable, though. Through a positive and good image online, through a website and social media, your business can also gain a positive reputation. If you were to connect with other local businesses through social media, for example, then a lot more potential customers will become aware of what your business is and what it does. To develop a good relationship online with other businesses you could decide to take the time to post on their Facebook page, saying how impressed you were with their service when you purchased something from them, or you could congratulate them on aspects like them winning an award or wishing the business a happy birthday if they have promoted this detail on their Facebook page. Slowly but surely, you will find that customers who follow that other business on social media will start following your page, visiting your website and even visiting your store. It is important not to be bland on social media, and that you enable your business to develop a suitable voice for what it sells or what services it provides. If your business is a modern bespoke furniture business for example, which targets mainly people in their 40s/50s, then you should avoid using GIFs, jargon, and quotes which mean nothing to those people. Instead, you could go for a sensible approach and outline the basic details of your business such as promotions that are going on, deals that you have available, and you could also upload images of recent furniture you have created. Another good idea when using social media to promote your business is to post images of happy customers when they are inside your business, or after they have purchased your products and are using them happily and comfortably at home.
Another good reason for you to get to know other businesses in your local area is that these businesses can provide you with a perfect space for a party for your business, or for a celebration that you would like to put on. It is never a good idea to host a party inside your own business, as your employees could feel that they have not actually left work and will not feel comfortable or relaxed enough to enjoy themselves. If you were to approach other businesses in your area and ask them if they would be interested in hosting a party or celebration for your business – and you have a good relationship with that business – then the likelihood is that they would be very eager to host your business. This means that they will be able to gain more profit from your employees buying their products and that they can also gain more of a reputation with other people for being a great party venue as your employees are likely to tell their friends about how much of a good time they had.
When you develop positive relationships with other businesses, it can have a positive effect on your business, their business, and the local community.