When you are running a business, you will find that there will come a time when you need to grow and expand. When you are looking towards the future, you will be also looking towards securing business property or premises.
Not all business locations are suitable for what you need and want, so you must be careful and cautious with your planning. Getting the right premises and getting it to work for you is essential – so, with this in mind, what areas of importance should you be focusing on?
What Will Your Business Premises or Property Be Used For?
To get off the starting block, you must think about how new premises or property will be used. For example, are you looking at getting a location just for storage and warehousing needs? Or are you looking at getting somewhere that acts more like a showroom?
A showroom that is accessible for customers and for those who buy from your business to visit. Think carefully about who currently uses your business, and think about how this may change in the future. If you have plans for growth, you will need to incorporate this into property plans for the future.
The Size and Layout
Whether you are storing merchandise to sell or creating space for employees to work in, you need to think about the size and layout of any new premises. If the size and layout of the premises do not work for you, but the location does, then think about it. You can compromise.
When establishing how much space you will need, think about future business too. If you are on course for growth and expansion, you will need somewhere that will accommodate this over the next few years. Layouts of premises can vary incredibly too. Think about what a perfect layout would look like and feel like to ensure it works for your business.
Location, Accessibility, and Connections
Properties and premises that are located closer to connections are going to cost more to rent or purchase. Think about how important accessibility is to your business and to those who use your business. If your business is customer focused and orientated, then will they travel a bit further to get to you, or do they want you conveniently located in a town or city?
Also, think about deliveries and other services. If you are well located and accessible, you will find it easier to get daily or weekly deliveries.
Financing – Purchasing or Leasing
When you have a better idea of the type of premises you want, you must then think about whether you will lease or purchase. Leasing gives you more flexibility in the short term. However, purchasing may help you see better return in the longer term. Getting to grips with costs and outlay early on will help you establish which option is right for you and for your business needs.
Business Rates and Other Ongoing Costs
When you are getting your premises or property up to scratch, you can forget about other costs which you may incur. These costs need to be absorbed by your business if you are to make a healthy return. Ongoing costs such as electricity bills, phone services, utilities, and other services, including business rates, need to be accounted for.
Fitting and Furnishing Your New Premises
Once you have secured new premises, the hard work is not over just yet. Now you have the task of ensuring that the premises are fit for purposes and fully functional. For example, is the location correctly heated and air-conditioned all year round?
You can find that installing and choosing the right commercial boiler can make a big difference to how a property or premises feels. Ensuring the atmosphere and environment are right is also crucial for any employees you may have working with you.
Also, think about the storage facilities and equipment you may need and the desks and service areas that may need to be installed. Not forgetting, of course, the little finishing touches, such as soft furnishings and decor.
Putting Together a Plan and Budget
To be sure that you can get business premises up and running in an efficient manner and timescale, you have to have a plan and budget. Just going out and starting your search expecting to tick all the boxes in the process is never going to work.
Having both a workable and actionable plan is necessary. When you have a plan and budget to work towards, you can be sure that you are getting what your business needs (and can afford).