8 Top Tips For Choosing The Right Location To Grow Your Business

Wanting to know if a space will be suitable for your business? 

Understanding and addressing key factors such as location, competition, and the local community are all important points to consider when trying to find the right the perfect location for your business. Clear and informed decisions made during the property search promote a sense of security for both tenants and buyers. Once settled into your new space, the success of your business will be largely dependent on your initial decision. Choosing the best property for your business, will foster a prosperous, profitable environment and allow you to reach your full commercial potential.

Tip 1: Check the Zoning

• Do you need a permit or is your business an ‘as-of-right’ usage?
• Get onto Vic Planning (https://mapshare.vic.gov.au/vicplan/) or even better, call the local council and ask to speak to the planning department about the usage for a particular location.
• Is your business allowed within a building? Some ‘business centres’ only allow one of each kind of business. For example, there may be several offices in a building but only one accountant is permitted.

Tip 2: Who is your competition?

• It’s not necessarily a bad thing to have similar businesses close to each other. Being close can generate a feeling of association and will help customers consider your brand when thinking of others. For example, real estate offices and banks always like to open up next to each other for this reason.
• Is there enough market share for you to open a new business or if you are relocating, will your client base follow you?
• Seek opportunity – is there a popular retail strip or an area that has a commercial blind-spot which your business could fill?

Tip 3: Foot traffic

• How heavily do you rely on new clients?
• How many people walk past every hour? Each person offers a valuable opportunity for your business.
• As you near a school or a train station?
• Can your signage be seen on the street?

Tip 4: How important is the visual aesthetic of the building?

• You do get what you pay for.
• Maybe you need it, maybe you don’t.
• You may be paying more than another property close by but would a classy, clean, well-attended office help to grow your business and provide an image that aligns with you?

Tip 5: What is the parking situation?

• What is available on the title or is there nearby all-day parking?
• Is there a suitable number of accessible car parks for your customers/visitors?

Tip 6: Are there any local sports clubs to sponsor?

• Establish yourself with the community.
• Consider your public relations (your community presence) is a great way to network with locals and bring in new business.

Tip 7: Think like an employee

• Will the property be accessible for staff (is there public transport or major arterial roads nearby)?
• Is the space a welcoming and positive environment?

Tip 8: Are there options to expand?

• If all goes well and you expand faster than you need to, chat with our agents.
• There are options available (such as sub-letting if you’re in the middle of your lease) and you don’t want to miss that growth wave!