Choosing your new business premises can be instrumental in how well your new startup will perform. You want to make sure you are finding a space that accommodates your needs or can be easily adaptable to what you want to use it for. It isn’t a decision to be rushed, and the last thing you want is to start setting up and find out your space is too big, too small or isn’t suitable for the company.
What do you need to be looking for when it comes to choosing the right business premises? Check out these three top tips to consider when choosing your new business location and premises.
Location is key. Depending on your industry, there are different points you need to take into consideration. If you are opening a retail unit, then passing trade and good transport links are essential. If you are sitting in an office, you need somewhere accessible to others and the ability to adapt the space to how you need it. The same goes for those setting up in the warehouse or construction niche. You need good space for parking and manoeuvrability for cars, trucks and wagons and a storage area to hold your stock.
How easy is the property to access by clients, customers, suppliers and staff? If you need to encroach on another property to access your building, it may not be suitable, especially if you all have different working hours. If you need 24/7 access is this something you can be guaranteed in this location or are there any restrictions due to nearby residential areas, or security issues. Factor in mobility too for yourself, staff members and others who may need to access the building, can you adapt entrances and exits to allow for wheelchair access, changing places rooms for those with additional needs etc.
Next, you need to know what the conditions are of the building you are looking to set up in. Are you able to take on cosmetic or even structural work to allow you to fit out the premises to accommodate your business? Can you retrofit the building or office space to make it customisable to how you need it or even extend the space to accommodate future expansion plans? If so you will need to discuss the conditions for any amendments to the building such as commercial roofing, fire escapes, security systems and adding an extra level, ask this before you sign on the dotted line. This way, you know what your chances of expansion are and if you will need to look at relocating in the future.
Lease or Buy?
This is an important issue. For some businesses, it is preferable to buy the premises, especially if you want to undertake major structural work and have no plans to relocate. Typically a deposit on commercial premises is 30%.
Leasing a property is the preferred option for bigger companies who are expanding into new stores, for example, or need new locations.
Choosing licensing means fewer initial costs and outlay and means you can pay your rent monthly, quarterly or annually depending on the terms.