The right premises for your business are important, whether you’re looking for your first premises, or planning an office move. Your premises can be part of your brand, and of course need to have space and the facilities for your employees and your products.
Write A List Of Everything You Need From Your Business Premises
Think about everything you need from your premises. How important is the size of the property, the layout, the facilities, the structural requirements, and the parking to your business needs? Do you need meeting rooms, parking for lorries, or commercial sheds? Remember to think about your long-term business plans and how these might change what you need from your business premises. Consider whether you might want to expand or change the property in the future.
Get The Right Location
Choosing the right location for your business premises is a balancing act to get right. You need to choose a location that is convenient for employees, suppliers, and customers to get too, but also need somewhere that comes in on budget. You might want to consider footfall in the area, where your competitors have their premises, any restrictions for deliveries or parking, and the business rates in the area.
Buy Or Rent A Property
You will have to decide whether buying or renting your business premises is the best option for your business. Renting has the advantage of needing less capital to be invested than buying. This gives you more flexibility to relocate as your business grows, so can be a good idea in the early years of your business. Buying a property has advantages too, including the flexibility to manage or repair the building as you choose, the potential profit of selling the building if you can increase its value, and the option to generate another income stream by letting the premises. Either way, it’s so important to make sure that you choose a property that is going to grow with you. Right now you may need a space suited to industrial tools with room for an air compressor, but as you scale, you may need to invest in much bigger machinery. By taking this into account now, you can avoid having to move too soon.
Get Help With Business Rates
You might be able to apply for some assistance with your business rates. Some areas have help available for small business owners with their business rates. See what is available in your area and whether you meet the requirements to be eligible for the help.
Legal Considerations For Commercial Property
There are a few legal considerations that you should take into account when you’re choosing a property for your business. Make sure you’ve considered the requirements for planning permission, health, safety, and fire regulations, insurances, accessibility, and licenses that you’ll need. If you choose to rent a commercial property, remember that you will also need to comply with the terms of the lease, so you will need to be clear on what those are and if they will cause you any issues. Before you decide to buy or lease a property, it’s a good idea to get advice from a solicitor.
Search For Commercial Property
You can look for business premises through local commercial property agents, visiting areas you think might work to see commercial properties that are for sale or rent, or searching on commercial property websites. Check premises against your list of requirements to create a shortlist of properties that you might want to view.