When starting a new business or seeking to relocate an existing one, choosing a location becomes an important decision that can affect the future success of your business. Where and what type of location you choose can have an impact on your costs and revenue streams. If you're in retailing or if you manufacture a product and distribution is a critical element of your overall operation, then geographical location is extremely important. If your business is information or service-related, the actual location takes a back seat to whether or not the facility itself can meet your needs.
Regardless of your business, before you start shopping for space, you need to have a clear picture of what you must have, what you'd like to have, what you absolutely won't tolerate and how much you're able to pay. Developing that picture can be a time-consuming process that is both exciting and tedious, but it's essential that you give it the attention it deserves. Here are a few things you should consider.
Nature of Your Business
Depending on the nature of your business, you will be able to gauge the type of space you need to adequately produce or provide a service to your customer. Maybe, you are seeking space for an office, for retail or even a warehouse for inventory. Also, you may want to consider the infrastructural layout, the quality of utility facilitation as well as transportation networks. You may also want to give some thought to non-traditional spaces and mixed use areas. Business parks and office buildings typically have retail space so they can attract the restaurants and stores that business tenants want nearby. Shopping centers are often home to an assortment of professional services-medical, legal, accounting, insurance, etc.-as well as retailers.
How Much Space do you Need
This can both affect your day to day operations and financial budgeting. Too little space can result in storage issues whereas too much space may bring unnecessary costs and inefficiencies.
Who and Where are your Customers
Understanding who and where your target customers are, can give you a better sense of how you are going to serve them and how accessible you will be to them as well.
What costs can you afford
Beyond the cost per square foot you should be mindful of other indirect or hidden costs that may arise from the choice of location such as additional renovating or upgrades, logistical costs, and providing safety to staff and clients.
Staying at Home
This is perhaps the most popular choice of location for a business these days for many entrepreneurs. Quite a few start at home, then move into commercial space as their business grows. Others start at home with no thought or intention of ever moving. You can run a home-based business from an office in a spare bedroom, the basement, or even the kitchen table. On the plus side, you don't need to worry about negotiating leases, coming up with substantial deposits or commuting. On the downside, your room for physical growth is limited and you may find accommodating employees or meetings with clients a challenge.
Now, whether you are willing to make a sizable investment in your next location, or rent factory or office space, contemplating your next lease agreement or even working from at home, the Barbados Investment and Development Corporation can help
The Barbados Investment and Development Corporation (BIDC) owns thirteen (13) real estate sites which have a designation and development plan specifically for the clustering of information technology, manufacturers, distributors and sometimes their suppliers or service providers on leased or purchased parcel of lands or in available buildings.
The BIDC currently owns and manages seventy (70) industrial buildings, eight (8) Craft Shop buildings which house twenty seven (27) craft shop units, and one (1) restaurant.
The total building space therefore managed by the Corporation is 1,652,291.72 sq.ft.
There are twelve (12) Industrial Estates, which have been developed on lands which total 159.60 Acres (6,952,032.47 sq.ft.) The lands are maintained by BIDC.
The corporation currently leases factory space to two hundred and twenty one tenants (221) throughout its twelve industrial estates. Currently there are three hundred and forty nine (349) separate units in the Corporations buildings.
Fifty seven (57) of the Corporations buildings are designed as multi-user complexes.
The BIDC also offers an Incubator for start-up and emerging businesses, its primary objective being to improve their chances of success. The maximum Period of Incubation - three (3) years.
Operating space and workshops are provided for up to ten companies (incubatees). All Incubator participants can benefit from the full range of services and facilities offered through the Corporation’s Entrepreneurial Development Division including:
- Business Consultancy Services (Accounting/Marketing/Management)
- Design Centre Services
- Business Mentoring Services
- Eligibility for Seminars/Workshops
- Use of Training and Meeting Rooms
- Local telephone and local fax machine services (free)
- Overseas fax transmissions (at cost)
- Overseas telephone calls (at cost)
- Photocopying services
- Typing and word processing services
Contact us to discuss your needs.