For many entrepreneurs, it is all about getting the location right but given the current times, does the location matter? However, many aspects need to make more sense for specific businesses. For example, location is undoubtedly everything if you are thinking of starting a coffee shop, a restaurant, or a bistro. For others, it could be a fascinating experiment about what the world could look like once the Internet demolishes all the geographical barriers for us.
Here’s why location may not be important
The physical location caters to a specific and small section of the people. When you compare it with a larger population in the country, only a few people might be able to see the storefront, and even fewer will be in the target customer base. It has become self-evident that storefronts or physical locations have become unimportant for a company with an online business. A social campaign or a well-built website can reach several parties more than the office building or storefront ever will. Plaza Executive Suites see numerous daily inquiries about their services, which shows that entrepreneurs are no longer focused on a location-specific business. But you need to keep in mind that both are not mutually exclusive. However, attracting new customers by using only a flashy display on the window might not generate the results you expect.
Here’s why location matters
A huge reason to continue prioritizing the location leads to a massive talent acquisition problem. Unless a company already has the prestige that will have the job seeker move to a country to be a part of your team, you will have to choose from the local talent pools. Hence, you will have to establish yourself in an ideal location that suits your industry and can attract the talent you want.
Next is the concern of image. Whether you accept it or not, if your company is located in a small rural town, it could be quickly passed in favor of the thriving city. However, there are always exceptions to this.
The cost-benefit ratio of a physical location
All of us have heard of Silicon Valley and its greatness. This region is home to some of the largest businesses, but the rosy picture has changed a bit lately. People are moving away from Silicon Valley and looking for places where they can enjoy life a little more. The pandemic has changed how professionals feel about work-life balance, and this is only the beginning. We could be reaching a period when we will have the freedom to live anywhere we want and have the resources to work the way we want. Several employees are looking for flexibility in work, and their priority is an ideal place to live. Entrepreneurs will have to understand this and keep it in mind when looking for a physical location for business.
That said, it is important to consider the cost-benefit ratio of having a physical location. When an entrepreneur chooses to have a physical location for the business, it will lead to costs, and they must be compared to the returns or benefits it may generate. However, identifying the benefits may not be as easy as it sounds. Only once the business is off-ground and generating income will an entrepreneur be able to decide if having a physical location is worth it.
The Bottom line
A couple of years from today, we will have one foot across the digital and another in the physical realm, which means there will be no eCommerce but just commerce. If you have the right business relationships and quality products, nothing can impact your business, irrespective of whether you have a physical location or not. You can have business relationships all across the world, and as long as you are offering top-quality products, there is nothing or nobody who can overtake you. Every entrepreneur must keep this in mind when choosing a location.
The Internet is all about building strong connections in the online and offline worlds, and we are only getting started. If you look at the ways the Internet can transform our lives, there is so much to come. It can change how we work, live, and connect within a community. New-age entrepreneurs will have to learn to retire some old-age business mantras on the way and bring on quick progress. There is ample space to grow and expand as long as the business is on the right path. And this is when the location does not matter at all. An online presence can make a lot of difference to your business in the coming years.