Your business should be as individual as you are, but when it comes to finding a location for your business you may need to find a spot that has other businesses just like yours to help support and grow your business.
Some areas tend to lend themselves to a particular type of business, industrial parks for factories, high street for fashion, CBD for banks and recruitment agencies, regional areas for farms etc. But some locations have just become known for a particular industry and have become a neat collection of businesses.
Finding a great place
Being around businesses similar to yours will help your business grow in ways you may not expect. For example, if you are a wedding dress shop around other wedding dress shops you will have a larger amount of bridal foot traffic making their way from store to store. Some locations offer a greater array of facilities that may suit your particular business, such as post offices, tool shops, suppliers or proximity to customers.
Where to start?
Some businesses have an easier job than others knowing where to start. For example some businesses may be retail and be perfect for a high street location or in a shopping centre but some other businesses may need to search a little harder to find their sweet spot. Firstly consider the industry you are in, make sure you are honest about the business you have and also the business you aspire to running. When you have decided what these two factors are you will be in a great position to start searching for your new premises.
Identify your competitors
If you are already running a business you should have completed some basic research on your competitors. Research may be done by conducting a Google Search, talking to people in the industry, attending events, checking out industry specific seminars or simply looking through the Yellow Pages.
You may be in a location already but have decided that it is not working for you. You may be seeking a new location: either way here are some suggestions of where to start looking to be around businesses just like yours.
Places to start looking
Here are a few examples of popular business hubs in Victoria and New South Wales:
NSW - Darlinghurst, Balmain, Surry Hills
VIC - Melbourne CBD, Cremorne, South Yarra, South Melbourne
NSW - Pitt Street, Sydney
VIC - Collins St, Southbank
NSW - Haymarket, Darlinghurst, Surry Hills, Balmain
VIC - Richmond, Cremorne, South Melbourne, Prahran, Collingwood
NSW - Sydney CBD, Randwick, Double Bay, Surry Hills, St Leonards, Manly
VIC - St Kilda, Prahran, South Melbourne
NSW - Sydney CBD, St Leonards, Mosman, Parramatta
VIC - Moonee Ponds, Albert Park, Kew, St Kilda Road
VIC - Cheltenham, Bundoora, Collingwood, Nunawading