Location, Location, Location: Where should my Business be Based? Whether you’re looking for a new company building in Bristol or any office space Rochdale has to offer, the UK has a wide range of business parks and offices to suit any needs. A business needs a home and headquarters, but where should that home be?
First and foremost, a key consideration is where are your clients? Businesses whose client bases are specifically in one location will almost inevitably settle in that area, regardless of whatever extra costs it might incur. There is little benefit to a company running its core business out of the Cayman Islands when all its customers are back home in the UK, despite the obvious weather and tax considerations.
When the client base is spread, a company might have a bit more freedom of choice, but then fresh considerations of staff and suppliers come to the fore. Once more, if your current staff are all based out of Birmingham, and you’ve got your eyes on some Manchester office space, you’re not going to be the most popular boss in the office. The cost considerations of having to regularly travel to meet suppliers and partners based out of another location are also key.
Inevitably, a great deal of thought has to go to the financial implications of living in a specific area. There’s a good reason why the BBC have recently decided to move a range of their activity up north to Manchester: money. Office spacespace is cheaper in the north of England, and therefore running costs are significantly lower.
London is not a cheap place to run a business, but of course being in the very hub of the UK business world has its benefits. It is basically a pre-requisite for financial institutions of a larger size to be in the centre of London, but other sectors have also started centering on the capital.
Funding is often important. The UK government previously have given significant grants to companies based in a certain location where business needs to be stimulated, hence the reason why a great number of online businesses are based out of Birmingham now. So although choosing a business location isn’t solely a financial decision, inevitably most of the facets of your choice come down to the finance aspects. London is not the be-all and end-all of British business though, and in the credit crunch world the benefits to being in the capital aren’t necessarily enough to outweigh the costs. Simply put, the options have to weighed up carefully before any decision can be made.