When you’re setting up your own business a key decisions you need to make is where your premises is going to be. Perhaps you’ve been working out of your home and now want to branch out, or maybe you’ve been saving up to create your own store, whatever the reason care and consideration need to be applied when finding the right space for your business to operate from and help it thrive. Any hasty decisions at this point could be heavily regretted down the line.
Do your area research
You may think you have found the perfect site, but you need to check the area too. It’s just like when you buy a house, the area needs to be suitable for what you’re trying to do. If you create things for customers are your suppliers close enough for you to just nip out and get more supplies? If they’re miles away it could affect your business operation.
If you’re running a store or a restaurant does it have decent passing trade? You also need to check local amenities depending on what your business does. You don’t want to force your employees to drive huge distances either, so check where the majority of them live and plan accordingly.
Rent instead of buying
Yes, you could end up paying more if you rent instead of buy. But if you haven’t got the capital to purchase a property then there is no harm in renting until you’re ready. This can help if you think that everything you view is too big, as you can rent office space by square foot, meaning you only pay for exactly what you need and you can easily extend the space if you expand.
The only issue this can provide is if you want a store or restaurant. You really need to ensure the inside meets your specifications because you won’t be able to do any structural work on the property as you won’t actually own it. You may be able to come to an agreement with the owner, but in the cases of offices you certainly won’t be able to change anything around.
Double check everything
So you have found a great location and building. Awesome! But don’t go ahead yet. You don’t want to be inside the property and find out the heating doesn’t work or that there are issues with the water valves. Get a builders survey done first so you can find out exactly what kind of state the property is in. Otherwise, you’re going to have to pay for these to be fixed.
Your employees will be disgruntled if the amenities aren’t working properly and there are legality issues if you operate a restaurant with dodgy electric or no water supply. You should also double check everything, measure it all up.
Make sure the premises meets your requirments. You should always move into somewhere slightly too big instead of too small, because it gives you space to grow if your business remains successful.