Gurgaon is Delhi’s satellite city, which is located just 32 kilometres from the outskirts.
With rapid industrialization, the city has become a leading industrial and financial hub and has the third highest per capita income in the country. Today, it houses local offices of over 250 Fortune 500 companies of the world.
Gurgaon is an excellent place to locate your next office space. It has superlative connections to public transport from Delhi metro to Indira Gandhi International airport. It is also served by National Highway 8 and several interstate highways. It is filled with facilities like business parks, tech-parks, residential high rises, banks, hospitals, shopping malls, petrol pumps, restaurants, etc.
While opting for Gurgaon as your next office location, you may be guided by the 4P’s of marketing you learnt in your marketing course- namely, Product, Promotion, Price, and Place. Of these, Place- the location of your business is a crucial factor.
The place may not be important for virtual businesses, but for service businesses like restaurants and also, retailers, it is critical. It is a fact that ‘P’ in Place is often overlooked while it is a crucial factor for your business.
Finding a ‘Place’ for your business is much more than choosing a building. Not all locations are created equal, and your choice depends on much more than the cost per square foot. Whether you are shifting few blocks from your old office or to a new state, selecting the right location is a key factor for your business.
Here are some tips to help you select the right location for your next office space:
Consider competition: You need to consider the concentration of competing businesses in the location, that you are interested in. Online sites for directions and maps can give you a good idea. You must also consider whether you are located near to competitive businesses or complementary businesses.
Consider demographics: Narrow down your search to at least 3 locations. Do research on the population of these 3 places, to judge the nature of demand for your service. For instance, it would be easier to break into expanding communities instead of mature ones. Income and educational levels may also be vital demographic factors. Demographic figures may be available free or for a fee. You can also consult local chambers of commerce, newspapers, local government, etc. Online demographics can be obtained from age-distribution, household income, white collar vs. blue collar workers, education, race, ethnicity, etc.
Choose state and city: Sales taxes and income taxes vary from state to state, and so are the regulatory needs. Consider whether the state is friendly to entrepreneurs. Does it encourage the type of business you wish to run? Educate yourself on figures of the market friendliness of states, available in the media.
While choosing a city, consider costs like rents, taxes, availability of labour, regulations and economic incentives. For example, Gurgaon has become a happening city where both businesses and individuals love to set up shop.
The part of town is a crucial decision for location. What type of commute is involved for both employees and customers? Does the location suit the image of the company? Also, rent varies much as per location of the city with high rates in central business districts.
Access to facilities: Do you require being visible and easily accessible to automobile traffic and pedestrians? Would you like to be located next to a complementary business which will draw clients to your business? For example, a health food store will benefit by being located in a gym.
Type of location: What do you need – a warehouse, a retail space or an office? Out of these, retail spaces are the most expensive. Is the location safe, convenient and affordable?
Does it suit you? The main factor is that the new office space must work for you. If it doesn’t feel right, it is time to find another location for your office. Take note that it is you who have to work every day in the office.
Does it suit your customers? The location has to work for your customers, or it is of no use. No customers imply- no business.
Does it suit your employees? At first, when you have few employees, this may not matter. But later on, to attract and keep employees, you will need a location with good facilities like public transport and other amenities.
These are some factors that you need to consider when renting a new office space to run your business successfully. Get in touch with OFCSPC, a company dealing in CRE PAN India particularly serviced offices and co-working space for startups and companies who wish to set up their own office space in the city of Gurgaon. You can get the best office spaces in the main business districts of Gurgaon.
