NEOFUNS ARCADE
When you’re in the process of finding a location for your Family Entertainment Centers business, think about who the location is going to be important too. Will the location be a major factor for…
You? Space has to work for you, or it won’t work—if this one doesn’t feel right, time to find another location for your business. Remember, you’re the one who has to work there every day.
Your customers? It also has to work for your customers, or it won’t work. No customers = no business.
Your employees? This issue may not be as critical at first, especially if you don’t have any employees yet. But the ability to attract and keep good employees will be affected by your location.
Strategic partners? While this may not seem like a big issue, the reality is that strategic partnerships happen more easily when the partners are local to each other. Why do you think that certain areas become hubs for certain types of business, such as Silicon Valley for the tech industry?
Potential investors or buyers? You may not even be thinking about that yet, but potential investors looking at the long-term value of the business will see the location as an important factor.
Cost – Most obviously, can you afford it? Also, though, consider whether your customers and employees can afford it. For example, is there free parking, or is it expensive? Will higher rent cause you to charge higher prices to your customers? That’s not necessarily a bad thing, but a factor to consider. What about taxes? Income taxes and sales taxes vary greatly from state to state, and if you buy your own property,
Convenience – Is it easy to find? Is parking close by? Consider your clients. If you’re dealing with pregnant mothers and the elderly, they may have a different concept of “convenient”.
Safety – This is an increasingly important issue for both customers and employees. Is the parking close by? Well, lit? Is there security on the premises?
Prestige – Would a downtown address add credibility? Will wealthy clients favor business in their own neighborhood? Some places even provide virtual offices with prestigious addresses, such as Beverly Hills, Silicon Valley, or Manhattan.
Traffic – Retailers, and restaurants love it, office workers don’t.
Facility requirements – Do you have any special needs, such as high power consumption or specialized wiring? Do you need meeting space, but only occasionally? You might consider a shared office suite (often called executive suites) in that case.
Zoning – Many cities have very strict zoning requirements. Make sure your business is even allowed there before you sign the lease!
As you can see, a fully informed decision involves a fairly complex matrix of issues. Determine your priorities, keep an open mind about your options, do your research, and get ready to make one of the most important decisions about your business.
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