B: iv) Location of the Business
Where do you want to operate your business from?
Location can be extremely important, especially for non specialised businesses:
- Where do my potential customers live?
- What is your catchment area?
- Do they need to visit you?
- How am I going to deliver to my customers?
- Is there enough storage/office/working space?
- Is there convenient parking/public transport for customers and staff?
If, for example you are selling retail bulky items, choosing a location with convenient car parking is preferable to that of a street where vehicles are prohibited.
If it is situated on a road frontage, an advantage is that your premises can be a highly visible advertisement for your business.
If customers/suppliers need to come to your premises, is there easy access, do double yellow lines, or zebra crossing zigzags or one-way streets matter?
It can be helpful to be located close to another premises, which whilst not a competitor, can bring customers to you. An off licence next to an unlicensed convenience store with parking on a busy commuter route could compliment both traders.
If working from home, is it suitable for potential clients to visit.
- Will family life disrupt your ability to work?
- Is there enough room?
- Do your deeds/lease/mortgage/rental agreement permission to work from home.
- Do you require planning permission? (Check your deeds/agreement/lease)
- You will almost certainly need to inform your insurance company. (If customers/ suppliers/staff are going to visit your home, then you will probably require additional public insurance, as you are most unlikely to be covered under your normal household/buildings/contents insurance, and especially for public liability).