Business

Factors to Consider When Deciding a Place for Your Startup

Finding a ground that nurtures your growth everyday.

The integration of technology with trades in today’s world of modern entrepreneurship, diversified tech based startups are emerging. Entrepreneurs and intelligent minds are coming up with a multitude of solutions for overcoming problems in the society, as suggested by the increasing popularity of online marketplaces, ride sharing services and digital marketing to name a few.

Deciding a Place for Your Startup

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The prominence of startups has led to an increasing number of registered companies, a rise in employment opportunities and a skyrocketing amount of office spaces.

If you are one of those creatives with an idea to pursue your dream of entrepreneurship, you are definitely going to need an office.

A proper office or workstation will be necessary for implementing your ideas. Eventually, that tiny space of a room, perhaps inside a garage will turn into something like the Amazon one day, employing almost 700,000 employees.

Keep in mind that certain factors, such as maintaining a stable profit margin, remaining in proximity to your customers in a reasonably densely populated as well as accessible to customers are mandated always.

1] Finances

Since your business is new and you haven’t generated much revenue yet, it is logical to assume that you don’t have much funds in reserve for a lavish space. Your business is still taking baby steps and every investment has to be carefully analyzed before being made to avoid any hefty loss.

Hence, do the necessary calculations, determine how much funds you can allocate every month for your office rent, and figure out whether the amount you’re willing to forego will affect the profit margin or not.

2] Location

Once you’re done with the financial analysis, it is now time to choose a suitable location. This is the tricky part as you have to choose a location that is not only a popular business hub but also one that conforms to your finances.

Economic zones will be a bit expensive for a startup so choose a location with high human traffic, one which is close to other businesses and located in a populous zone. Settle for a place which ticks the items mentioned above and is in line with your spending power.

3] Accessibility

Accessibility is essential for the population in general to know about your business. If your office is located in an isolated zone and quite inconvenient to reach, you will lose potential customers over the time (unless you’re a service based startup).

So make sure you choose a location accessible to the surrounding markets, gas stations and bus stops, preferably a place adjacent to the main road where your office will be visible.

4] Communication

Since efficient communication is one of the backbones of forming a successful business, it is important to have the best communication channels available at your disposal. Make sure you have access to dedicated power lines, high bandwidth internet connection and the necessary communication wiring.

Communication

Since today’s modern businesses operate with computers and other efficient technologies, it is imperative to ensure the aforementioned services are available at all times for usage.

5] Distribution

If your company has the need for raw materials and products for in house use or to deliver to customers, make sure your office location is suitable to bring goods in as well as distribute them to customers.

Here, transport costs come into play. Effective distribution channels will ensure your products are delivered on time without inconvenience and at the same time, distribution costs will be kept to a minimum.

6] Competitors

The popular saying goes by “Keep your friends close but your enemies closer”. It is important to situate your office near your competitors to establish healthy competition.

Seeing where your competitors are located will initially give you a business idea as well and you will be able to take advantage of such methods to effectively draw more customers on your end.

Choosing an office space is one of the headaches you have to deal with when starting a business. It is quite daunting to choose a place at an affordable price in an area which will contribute to your business growth.

If you take the points mentioned in this article into consideration you will have a decent idea to know where to start and then work out the rest. If you’re looking for affordable offices in Holborn area, check out https://www.londonofficespace.com/holborn/ for prices.

About the author

Harshil Barot

Harshil Barot is a Computer Geek, Internet Entrepreneur, Blogger, Day Dreamer, Business Guy, Fitness Freak, Music Lover and Digital Marketing Specialist. He also helps companies to grow their online businesses. At Just Web World he Writes about Blogging, WordPress, SEO, Business, Technology and Computer Tips and Tricks.

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