For any business to flourish, it is important to find a suitable location. This has a very serious impact on the growth of the business in the future. The commercial space must be chosen with discretion keeping in mind the purpose of the business and the target audiences.
The landscape, demographic spread, and the diverse population in Auckland city make it a wonderful place for various businesses to blossom. Business people must leverage the city’s geographic location and diverse culture while choosing the location.
Some of the key factors in determining the best commercial place for setting up a business here are discussed below.
1) Style of the business
It is very important to analyze the style of the intended commercial property while deciding the location space. The business can be casual, informal, or formal in nature. It must be ensured that the location chosen is appropriate for that style. If a retail store is to open in Auckland, say in particular a western store, it is advisable to open it in a famous mall like Westfield Manukau City since tons of people visit the store during all seasons.
2) Demographic distribution:
Before starting the business, one has to be very clear about their target audience. The target customers and the distance between them and the business location must be as proximal as possible. It is highly recommended to have a detailed demographic report in hand to find the location of the targeted audiences. Pukekohe, a town not far south of Auckland is the most populated and hence it is advisable to start stores in these areas so as to target more people.
3) History of the site and the commercial leasing.
If the intended business is to target a particular local market, make it to a point to check whether the location has a history of favoring commercial property. For example, it is a huge risk to open a big retailer store where five other retail stores have recently closed due to low sales volume. The Eden Terrace and The Valley are already crowded with so many stores, and people need to think twice before starting a business around this area.
The budget and pricing need to be considered as well. The business lease must be read well so as to make sure that everything needed is present along with clear rates. The rent would be the biggest purchase but there are usually additional facilities. Details like additional costs for parking, gyms, or the insurances for companies should be collected beforehand.
4) Foot Traffic
Based on the purpose of the intended business and the target audiences, the location must be determined. If the business requires authentication and needs a higher degree of security then one has to opt for low-traffic areas like Taupaki in Auckland. On the other hand, a retail shopper might need high-traffic places like the Henderson Valley.
This is one major factor that must be primarily considered in choosing the location for the business. Sometimes competition can be considered good if the intended business promises to outsmart others. This can turn a downside if the situation works the other way. It is not recommended to open a retail store near Mt Eden, Prime which has been there for years and has built an unbreakable brand.
Business heads need to consider all the factors while choosing to lease their commercial space in the city, thereby utilizing its resources completely resulting in the flourishing of the business in the long run.