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Not all freelancing businesses need a permanent space as they move from client to client, job to job, and location to location. However, some professions depend on it, such as carpentry, iron works, renting furniture, and dressmaking.
In these cases, when growing your freelance business, physical location might not be the first thing that comes to your mind. However, it can serve many benefit. Therefore, if you are one of these business, it is about time to place location at the top of your list. Here are some factors to consider before booking a venue.
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Analyse Your Demographics
Considering the type of your freelance business, you need to identify the demographic surrounding your preferred location. Questions such as what is the optimum level of the traffic around the location or what are the traffic generators in the neighbourhood will help in determining whether the location is ideal for you.
Although areas with increased traffic might be expensive, choosing a quieter location might not beneficial for you due to decreased traffic. You should also consider the quality of traffic and whether those people come under your target audience.
Before finalising a location, it is vital that you analyse and study the competitive environment surrounding it. This will allow you to familiarise with the potential rivals existing in that area. You need to be sure that there is nobody selling what you are offering, otherwise it’ll be very difficult to capture the market as a new entrant, which means, no direct competitors around.
"Be sure that there is nobody selling what you are offering"
Undoubtedly the best place to locate is close to business with the same target than you but no selling what you are offering (indirect competition), as you can benefit with their marketing efforts and they also serve as a fundamental benchmark for attracting potential customers.
Existing indirect competitors most likely selected a location by investing heavily in sophisticated location analysis tools, which provide comprehensive traffic pattern information, lifestyle data and demographic. By locating close to your indirect competitors, you can benefit at large by utilising such data which helps to drive traffic to the location without have to make costly investments.
Consider Professional Help
Your job isn’t over once you have secured a physical location for your freelance business, you still have to get over the countless paperwork and necessary legalities. You will need to hire a professional lawyer in order to negotiate the lease so that it works in favour of your business.
Hiring a good lawyer will help highlight complex matter such as the term of the lease, condition of the property and buildout allowance. Your lawyer will also break the ice between you and your potential landlord.
"Hiring a good lawyer will help highlight complex matter such as the term of the lease"
Taking guidance from a local real estate professional is highly beneficial because they will be able to provide insightful information about your target audience. Real estate professionals are well aware of their surroundings backward and forward. What’s more before you even begin hunting for a suitable location, obtaining help from someone regarding your business plan can be valuable as well.
The 3-Point Summary
- Consider Professional Help.
- Your job isn’t over once you have secured a physical location for your freelance business, you still have to get over the countless paperwork and necessary legalities.
- You will need to hire a professional lawyer in order to negotiate the lease so that it works in favour of your business.