A guest blog by iMove

Choose the right premises and get set for success

Choosing the right premises can be a daunting task – it is perhaps the number one key decision that can make or break your business, so it is essential to get it right, as a costly mistake may not be easy to rectify later.

The choice will largely be influenced by what type of business you run, financial and legal considerations, and whether or not you rely heavily on passing footfall. If you have links with other small business owners, it is a good idea to ask them for their views, take advantage of local knowledge, and also seek professional advice from specialist estate agents and property lawyers.

To get you started though, we’ve compiled this helpful guide of the main things you need to consider.

Cost

Number one on most people’s list of considerations will be cost. You will need to strike the right balance between finding affordable premises while also investing in a property that is going to create a good impression to customers, clients and employees. Whether you rent or buy, it is essential to understand all costs involved, from rent or mortgage payments, deposits and stamp duty, to utilities, insurance, and any service or maintenance charges. Don’t forget you will also need to consider other expenses too such as furniture, computer equipment, telephone and broadband costs, as well as décor and branding.

Rent or buy?

Will it make more financial sense to rent a property or buy it? This will partly depend on cash flow, and also whether you want to commit long term to a particular location, or perhaps anticipate expanding to larger premises in time? If you decide to rent, talk to your property agent about the terms of the lease to ensure they meet all your requirements, and if you are still unsure, seek advice from a property lawyer before you commit.

Location, location, location

A town or city centre location is essential for retailers or service industries such as beauty salons that can rely heavily on passing footfall, but these can be more costly. It is also important to consider who your main competitors are and where they are located, as it is probably best to avoid being too close for comfort.

If your business doesn’t need to rely on passing trade, or you need more space, perhaps for storage, out of town premises may be more suitable, and possibly more economical too.

Keeping up appearances

No doubt you will want to make changes to the property to ensure it projects the right image and fits your brand, but to keep overheads down it is best to avoid anywhere that is very run down or needs a lot of expensive restoration work. If you are renting, there may be limits on how far you can go with renovations and changes to décor, and anything you do want to change will need to be agreed with your landlord or letting agent beforehand.

Legal issues

There are many legal implications that need to be considered before you commit, such as does the property have the right planning permission for the type of business you want to run?

If you have clients, staff and visitors, you are responsible for their health and safety, so it is important to ensure the facilities are up to standard, and compliant with any building, fire, health and safety regulations. If members of the public come on to your premises, you will also need to make the building safe and accessible for everyone.

If your business is noisy, produces waste or pollution of any kind, or needs to take deliveries at certain times of the day, check whether there are any restrictions on these too.

Facilities

If you have staff and customers you will need to consider their requirements in terms of parking, kitchen and bathroom facilities, as well as how easily they can get to you – are there good public transport links available?

Whatever line of business you are in, hopefully the above guide will help you avoid some of the common pitfalls associated with choosing your business premises and set you up for future success.

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This entry was tagged: business tips, commercial property tips, moving business, new office, relocation