For many business owners, the thought of sharing their location with similar or competing businesses may be considered a recipe for failure. But what if being part of a business hub could be beneficial? Here are the main benefits of moving your business to a professional hub.

 

Building a business cluster

When businesses exist in a similar locale it is known as a business cluster (sometimes industry cluster or competitive cluster). Worldwide examples of this could be the tech sector in Silicon Valley or the financial industry on Wall Street. While many business owners may believe that close proximity to a similar or competing type of business is a danger, it actually helps businesses thrive. Geographically close businesses are able to exchange knowledge and build trust with ease. In turn, this helps them to innovate faster and may increase the likelihood of cross referrals[1].

Norm Carey plans to develop a new medical and professional centre in Woodvale, where businesses in health services and professional services are located together in a new state-of-the-art building set amongst established locations and adjacent to a thriving retail precinct.

 

How to capitalise on your business cluster

The best way to use a business cluster to your advantage is to get to know the other businesses near you. Building rapport with staff and other business owners will provide opportunities for innovation, creative problem solving and help them feel comfortable referring their clients to your service. In time, you may be able to keep your card or brochure at their office as a form of passive marketing that gently puts your business front and centre for potential customers.

Finding a business cluster location that already has a major tenant in the mix is another great option. Major tenants attract high traffic to the area, increase your visibility and improve the area’s reputation by association. For example, in Woodvale, Perth the existing IPN Group’s Kingsely Woodvale Medical Centre and the Woodvale Boulevard retail precinct are already well known and highly visited.

 

Retail, food and amenities are always a plus

Whether it’s for your customers or employees; having food options and retail nearby can make life much easier. Not only will customers be more inclined to visit your location if they can run errands in the area, you’ll also be able to attract highly talented staff if there are ample amenities for them to access around work hours.

 

Secure your business with a spot in Woodvale

The planned Woodvale Medical and Professional Centre is a fantastic opportunity for your health service or professional service to be part of a business cluster that has a successful IPN Group medical practice. With limited sales and leasing opportunities – enquire with our team to learn more.

[1] World Economic Forum: https://www.weforum.org/agenda/2015/07/how-can-business-clusters-drive-success/