Commercial success doesn’t come easily, and your premises can have a significant impact on your future profits. Due to this, it’s important to think strategically when you’re buying commercial property or leasing a workspace. To ensure you find the best premises for your business, take a look at these four things to consider:
Every business has a budget, so don’t be tempted to overspend on your premises. With any luck, you’ll be in business for a long time, so expensive running costs will quickly chip away at your profits. When you’re calculating how much you can afford to spend on your premises, be sure to take everything into account. Sites like Utility Bidder can help you to find the best water and energy rates, for example, while IT managed services may be a cost-effective way of installing an IT infrastructure. There’s more than just the rent or mortgage to consider when you’re paying for business premises, so cost your operations carefully from the outset.
Unsurprisingly, location is still a major factor for new businesses. While some start-ups can operate from any location, any business which relies on footfall will need to be situated in a busy area. Similarly, if you plan on inviting potential clients to your business premises, being located in a city or large town may be advantageous.
Remember – if you want to hire staff to work on-site, you’ll also need to ensure you’re located in an area that’s easy to commute to and/or desirable to live in.
No matter what type of business you’re running, it’s vital that your premises are secure. If you’re going to be holding stock on-site, for example, you could have thousands of pounds worth of goods within your premises. Alternatively, your IT equipment, data and even office furniture will need to be kept secure to deter would-be trespassers and thieves.
Choose premises which are relatively easy to secure, or select a retail unit, office space, warehouse or factory that already benefits from on-site security. With digital CCTV, alarms and security personnel, for example, you can keep your premises secure and perhaps even reduce your insurance costs.
Before you start estimating how much space you’re going to need, visit a few different options and get an idea of how much 10 sqm or 100 sqm really is. Empty units can be deceptive, so visit furnished premises, if you can. It’s easy to underestimate how much space you’ll need to run your business, but selling yourself short now could result in limited profits further down the line. Commercial leases can run for a long period of time, so make sure your space will give your business room to grow.
Branding Your Business Property
Before you sign a contract, make sure you know what your rights are when it comes to renovating the premises. If you want to brand your commercial premises, for example, you may need to get your landlord’s permission first. By taking this and other factors into account from the get-go, you can ensure your new premises are perfectly suited to your business.