How To Choose The Right Premises For Your Business

The (growing) trend right now is for people to work from home, and for entrepreneurs to start businesses from their spare bedrooms or garages. Although this can certainly work for some, and it does have a vast number of benefits, it’s not going to be ideal for everyone, and sometimes an office space or storefront is essential to the success of the business. If you need to work away from your home either because you don’t have enough space or because the business calls for it, then you are going to need to think carefully about the premises you choose.

The issue with business premises is that they can be expensive, and this is why you need to choose the right one so that you don’t waste any money, and so that you can maximize your business as much as possible. Read on to find out more.

Location

Anyone who works in property will tell you that location is extremely important. It could be the difference between happiness and misery when it comes to your own home, and when related to a business premises, it could be the difference between success and failure.

Although you might be able to spend less in one location compared to another, there could be a big reason for this. Make sure you research all the potential areas for your business thoroughly first. Some things to consider include:

Footfall– will many people pass by (assuming this is important, of course)?
Public transport and parking – how will you or your employees get to the office, warehouse, or store? Will it be easy, or will it be a chore? If it’s the latter, you might have trouble attracting the right people to work for you.
Competitors – are you close to your competitors? It can often be best to be a little further away.

Price

Of course, once you have determined where you want to have your business premises, you’ll need to consider how much you can pay for it. Whether you are buying or renting, there is the monthly cost to think about, as well as a potential down payment. You will also need to factor in costs like heating, electricity, and broadband. How much is it really going to cost you each month to run your premises? Can you afford it?

In some cases, especially if the location you are looking at is a more expensive one, you will need to look at smaller properties or those that need more work than others. This can be a good thing; it allows you to put your stamp on things and design the layout just how you want it; glass polishing for the windows and floor polishing for the tiles and a fresh coat of paint could transform a run-down building into a beautiful one, for a bargain price.

Usage

Finally, it’s wise to determine what the property you are considering paying for is allowed to be used for. Some will have restrictions on them that mean, no matter how perfect they might be for you, you can’t turn them into a store, or they have to remain a store and you can’t use them for offices.

There are dozens of clauses like this, which is why when searching for a business premises it is best to use a professional; you won’t find somewhere only to be disappointed, and they will know just what will work for you.