We’ve all seen the daunting figures that roughly half of new businesses shutter within three years.
Even established outfits can struggle under ongoing market pressures, leading to slowed growth or worse, insolvency.
Just last year, 8,000 more companies folded than opened their doors.
One thing that tends to get overlooked by many businesses is the impact of the local area on financial success.
We want to help you understand why your location could matter more than you think.
You might believe that location only matters for certain industries, but an array of local influences often goes unnoticed.
With overheads at record highs, uncovering ways to trim these costs can be essential to keeping your finances in a healthy position.
Picking the ideal site for your services is a cornerstone decision that many startups and growing companies miss.
One standout chance right now lies in fresh housing developments as they are hotbeds of opportunity if targeted correctly.
Fast-tracked to meet building targets, these areas often lack shops, schools, and other conveniences.
Claiming the first retail presence here can mean minimal competition, though there’s a chance customers will venture out for a more complete shopping experience.
If your product or service truly speaks to the community, arriving first could let you corner an emerging market and set the tone before any competitors arrive on the scene.
Even if your only exposure to school children is finding them notably absent from your morning commute for six weeks in the summer, the presence of schools has a direct impact on all areas of life.
Unless you’re selling ice cream near the school run or your corner shop sits on a common student route, you might overlook them entirely but a well performing school can increase the value of property.
Properties in the catchment of an ‘Outstanding’ school can fetch up to £15,000 more, while areas with slipping ratings often see values drop as families relocate.
If your operation doesn’t depend on resident footfall, avoiding premium school districts could lower your rent and overheads.
By analysing local demographics, you can adjust your pricing strategy, opting for lower prices in less affluent places or premium rates in wealthier areas, to match your business model.
Whether you’re planting roots or scaling up, choosing areas based on school performance and local affluence can significantly affect your profitability.
Bear in mind that later this year, the current straightforward school grading will give way to a more detailed system.
However, top schools will still broadcast their successes, so the impact on local house prices may be less severe than some predict.
We work to understand the full range of factors that can impact the profitability of your business, no matter how strange they may seem.
Our specialist team works to understand the unique challenges faced by your business, so that you can focus on growth and success.
Don’t risk financial hardship by setting up business in the wrong place. Speak to our team today!
