How to choose the right business property
Finding the right space for your business can be imperative to its’ success but making a decision about the right property can be a challenge. Having to decide on what location and funding options will best suit you as well take into consideration the legal implications of having a business property can complicate things.
List your business needs
Specifying your property requirements in a document is key to starting your search for your premise. By detailing all the needs of your business and transferring this to your needs for a property, you will be able to build a clear understanding of what you’re looking for.
Some of the basics to ensure you have on your property specification include size, structure, facilities, access and parking. It’s also best to think about your long-term business plans and whether you need the flexibility to expand.
You should weigh up your budget for
Having all this mapped up before beginning your search will help you keep on track with your objectives for finding a business property and will keep your budget at the forefront of your search.
Renting or buying?
The decision of whether to rent or buy a property depends completely on your business needs. Most businesses tend to rent primarily at the
There are advantages and disadvantages to both renting and buying. Renting is beneficial for those businesses with less capital to invest at the beginning of their venture and gives business owners the flexibility to move as the business grows. It also gives businesses the safety net of being able to terminate your agreement and move on should your location become unsuitable.
While buying a commercial property may have more upfront costs, you will be able to shape your space to your needs more effectively. You will have to look into financing options before starting your search for a commercial property to see which options will best suit your budget but once finance in
Location
When it comes to deciding the location for your new business premises, it’s all about balance. Consider where your customer market lives, where your suppliers and based and how close you want to operate to your competitors. Price of the area will be a deciding factor for some business owners, but it’s important to factor this into your monthly outgoings regardless of your budget.
With choosing a location for your business, you will also have to look into the costs for utilities, taxes and payments in your area. If you are a business that needs delivery access you must reflect this in your decision making and research transport links to the area to make sure they are suitable for deliveries and employees. Location is much more than the area that you will be based, doing proper research will ensure that you have the best possible base from which to grow your venture.
The legalities of business property
Whether you choose to buy or rent, it’s very important to understand the legal obligations of having commercial property. Building and fire standards must be met across the premises, with the proper procedures outlined should the worst happen.
You must be compliant with health and safety regulations regardless of what kind of business you operate. These will change dependant on the industry you operate in and if you will have visitors or employees at your property. Fines and penalties for not complying with these laws can be severe so this must be made a priority when setting up your property.
Some insurance types like employers liability insurance