To succeed in business, you need to maximise every opportunity and advantage you can, so that the revenue coming into your business is as high as possible. It’s easy to think of the obvious opportunities such as business partnerships, investments or a sales push as the way to impact the financial success of a business.
There is, however, one way which can have a dramatic financial impact which is often overlooked. The location of your business. Not just the physical location of your headquarters, manufacturing operation or sales showrooms, but the general location of your business in the country.
Taking advantage of the benefits specific locations have can be highly advantageous for any business. One such company which has maximised the benefits of their location is Bespoke Interiors. Specialising in fitted kitchens, bedrooms and bathrooms Newcastle is where Bespoke Interiors call home, and they have found the North-East city provides several critical benefits to the company.
Managing Director Sean Evennett has seen first-hand the impact the region has had on the business. “Our team consists of fine artisans all from Newcastle and the North-East area that are high-grade trained. All of our designers have a joinery background which makes our outlook on design unique, having hands-on experience of manufacturing and installing kitchens, bedrooms and bathrooms,” Evennett said.
For a business such as Bespoke Interiors who require highly skilled workers with specific training and talents, finding a location which can both provide and attract these workers is vital. Newcastle and the North-East have certainly been able to do this for Bespoke Interiors through two key factors.
Firstly, as Evennett explained, “there are two main universities in Newcastle and a couple others nearby such as Durham University, the University of Sunderland and Teesside University. This ensures that there is an abundance of young and talented people in Newcastle, eager to start their careers.”
Secondly, Newcastle can attract skilled workers due to the high quality of life the city offers its residents. “The average housing prices are cheaper than other places in the UK, which makes Newcastle attractive to young people and entrepreneurs,” Evennett said. Newcastle recently had two of its areas listed in the prestigious Sunday Times’ Best Places to Live 2019 list. The city centre area of Ouseburn and the coastal town of Tynemouth both featured on this year’s list, with the city centre suburb of Gosforth having previously been recognised as recently as last year.
Another crucial factor for business is the running costs which come from specific locations. For Bespoke Interiors, being based in Newcastle has allowed them to operate with much lower costs than other companies based in more expensive locations such as London. The range of business properties on offer is wide and varied, and Evennett said with the transport links from Newcastle to the rest of the UK the location does not hamper the business. “The train to London is only three hours, which means it can be a day trip if you need to attend a meeting there or network.”
The crucial final benefit that local areas have which some businesses overlook is specific local funding opportunities. According to Evennett, “aside from the usual government grants that can be given to businesses anywhere in the UK, Newcastle also has its own range of private grants and funding groups that entrepreneurs can apply for.
“Companies like Ignite and Entrepreneurial Spark focus on providing education and small start-up grants to young people with business plans. The North of Tyne Combined Authority occasionally meets to choose particularly noticeable new businesses that have made an impact on the city, often providing them with a grand in the hopes that they’ll support the community in return.”
Seeking out local grant opportunities is a key resource which is often overlooked, and with the finances available could significantly impact your business, particularly if the business is located in an area already reaping the benefits of lower operating costs.
Overall maximising the advantages on offer from a location, wherever it is, can be highly beneficial to a business and can contribute to the growth and financial success through a variety of ways.