Research business locations
Before you investigate specific properties, it is crucial that you research locations to find a range of areas or suburbs that are suitable for your business.
Ask the following questions:
- Does your business need to be in a particular place?
- Where do you need to be to meet the needs of your customers, or to get their business?
- Is the space big enough to meet current and future needs?
- Is there space for storage?
- Where can customers or clients park?
- Is the location easily accessible by public transport?
- Is the location visible to clients (or does it need to be)?
- Will staff be comfortable, satisfied and motivated working there?
Research your competitors
Find out where your competitors are located as this may influence your location. Customers are likely to visit areas where a number of businesses are selling the same product or service. For example, car yards are frequently located on the same street and real estate offices are often grouped together.
Before locating your business in an area with strong competition, research current businesses to find out how successful they are. If marketing material shows that established businesses are regularly reducing their prices because of the competition, how will this affect your business?
If you are thinking about an area with no similar businesses to yours this may be an advantage as you will provide the community with a convenient, local option. However, you must research whether or not your business is needed, and can be sustained, in this location.
Think about complementary businesses
Consider which businesses may add value to yours, and whether they are located in the area you are considering. For example, a day spa could set up close to a hairdresser to encourage customers to visit both businesses on the same day.
Target your market
If you choose the right location for your business, your target market should be able to find you quickly and easily. Use our market research kit to create a profile of your business's region, including economic, social and demographic data and information about your competitors.
Learn more about market research.
Contact your local council
Ask your local council if they have any new developments or zoning changes planned for the area you are considering. Your council can also help you with any legal regulations or compliance requirements.
Use your networks
Developing a wide network of contacts can be useful when researching locations for your business.
Find out more about networking in business.