5 Tips for Deciding on a Warehouse
Stock is the aspect of most importance in all types of trading businesses: They are essential to operate. For this reason, it is very important that you store your stock in a warehouse which suits the needs of your company. When a business is looking to acquire a warehouse premise, they often become bogged down by two main features: How much space it offers, and where is it located. These are fair worries, and indeed probably the two features of most importance – but the process of selecting a good warehouse does not consist exclusively of looking at these particular features. Other important factors should be considered as well, and they might not have crossed your mind yet. Worry not, though – this article will expose you to many of them.
1. What do you need in a warehouse?
In order to make sure you secure a warehouse that is perfect for your business, you need to ask yourself this question: What exactly will you need this warehouse for? Obviously, you need it to hold stock, but look further, and analyse the sort of features a warehouse might offer. For instance:
The warehouse’s layout. Is it appropriate for your particular needs? Can it fit considering how you operate?
The warehouse’s size. Does it offer enough storage for your needs? Does it offer too much, potentially resulting in plenty of wasted, empty space? Will it strike the right balance between being nearly empty and full to the brim?
The warehouse’s facilities. Does the warehouse offer easy logistical integration? Will it be easy to perform deliveries? Can a Lorry access it?
Naturally, the emphasis you’ll place upon such attributes is going to vary depending on your business – but it is very important that you assess the warehouse’s facilities and evaluate whether they will, or not, work for your business.
2. Location
Location is important, too, as you determine which warehouse facility you’ll pick. The location where the warehouse is based is going to determine how easy it’s going to be to receive and distribute goods. For this reason it is very important that the warehouse is located in a convenient place, allowing you to easily receive goods and ship them to customers. IF you are a small, local business, for instance, it is wise to choose a warehouse that is situated close to your business’ location. If you are larger, you need to make sure the warehouse will be able to successfully supply regional demand. The best locations are those who have good routes of transports, such as motorways and railways nearby.
3. The Job Market In The Area
This may apply mostly to larger firms, but it can be a useful though for a small company as well. After deciding roughly where you want the warehouse to be, it’s a good idea to assess the job market in the location. Will it be easy to secure the staff you need? Is it an area that tends to have this sort of industry, which is going to increase the probability of finding qualified, experienced staff?
4. Potential For Expansion And Vision For The Future
Moving warehouses is a very intensive task – particularly if you have lots of stock you’ll need to shift somewhere else. When you look for a new warehouse, it’s important that you consider the longevity it offers. If you suspect you’ll outgrow the storage facility quickly, you’ll need to embark on that money and time consuming process soon. Analyzing your figures and statistics – which show your business potential for growth – needs to be done before you begin searching for the warehouse, allowing you to consider this when determining how much space you require.
If you end up being able to expand in the future it could lead you to getting some extra cash. Bis Space Exchange for example match companies open warehouse space with other companies needing extra warehouse space. Needless to say it can be a good way to make money from unused space.
5. Cost
Naturally, the cost of a warehouse space is an important factor to consider as well. However, there are many cost-related aspects you should take into account. For instance, if the majority of your customers is based in a central location, verify how expensive it is to buy a warehouse there. An alternative is choosing one located on the periphery of that region. Is it much cheaper to get a warehouse there? How much more will it cost you in shipping? Don’t overlook costs associated with searching for a warehouse facility – incorporate each of them in your financial planning.
As you may have noticed, figuring out what are the best warehouse premises for your company is going to depend on a wide array of different factors. It is essential that you think about all of them – failing to consider certain aspects can lead to large losses and greater costs for your business. Be very thorough with each of your considerations, so that you won’t have to repeat this process anytime soon if you can avoid it.