Whether you’re starting a new business or buying an established one, it’s crucial to check the suitability of the location. Choosing a business location requires detailed planning and research. You have to look at the demographics, scope the competition, assess your supply chain, and stay on budget.
Read on for some tips on choosing the right business location.
Look at the Infrastructure
Infrastructure refers to the facilities (e.g. roads, buildings, power supplies, gas pipes) needed for the operation of a business.
If you want to set up a business in the Philippines, Makati is a great choice, as it’s the financial capital of the country. There are many exclusive commercial spaces for rent in Makati. Ayala Avenue is a prime location, but the rent is quite costly. For cheaper alternatives, you can find spaces in Legaspi, Salcedo, and Urdaneta Villages. Just look for a trusted real estate broker.
Determine Your Needs
Choose a location that provides exposure to customers. You should also think about your brand image. Make sure that your location is parallel with the image you want to maintain. It’s also important to know if your suppliers will find your location easily to avoid delays. Ensure that the location you choose is safe not just for your customers, but also for your employees.
Evaluate Your Finances
Know what you can afford and be aware of other financial considerations. Look for a space that is business ready so you don’t have to think about the cost for renovation, IT system upgrades, decoration, and so on. There’s a great selection of office spaces in the Philippines. Just rent a commercial space in Makati that suits your budget.
The choice of location represents a monetary tradeoff, so do your research when choosing a business location. Talk to potential co-tenants or better yet, find a real estate broker to help you.