Choosing Your First Business Premises as an Entrepreneur: 4 Top Tips
Many entrepreneurs are used to working from home or working remotely, but if you’ve developed your brand and built your business substantially enough to move into the property market, you’ll want to find the perfect premises that work for you.
Finding your first physical building or office space to contain your business can be a daunting (and costly) step, but it should also be an exciting time that allows you to concentrate on moving your business forward.
Here are four tips for finding the right premises.
1. Choose to Buy or Lease
This is going to be an important first step, as it’s going to impact you financially. There are pros and cons to both options, and a lot of it is going to depend on your initial budget. As an entrepreneur, it might be that you simply don’t have an upfront deposit to buy a property, however much you would like to. Renting can be a much more flexible option for entrepreneurs, as you don’t need as much money upfront and you have the flexibility to leave the contract and find alternative premises when your business grows or changes in the future.
Of course, buying can be a great investment if you’re looking to make money from a property, and it also allows you more freedom to make any desired changes to the building.
2. Think Carefully About Your Location
For certain businesses, location is everything. If you are a physical store or if you are going to have consumers or clients visiting your property on a regular basis, being stationed in a location that is easily accessible will be a must. You should think about being close to public transport links, busy towns, and city centers.
If your business doesn’t depend on external visitors, you still need to think about commutability for your employees. If your property is quite remote and some of your employees do not drive, it is going to be difficult for them.
3. Consider Any Renovation Work
You may find the perfect property, but it may take a little extra to make it the most suitable for your budget. Renovation work can be factored in, if you have the means and budget for it.
With buying, you have more freedom for renovation, but renting may also be flexible if the landlord is happy for you to take care of the renovations yourself. Always remember to get professional guidance on large jobs, such as reroofing from Lidoran.
4. Stick to Your Requirements
Know in advance what you require from a building and stick to it. Don’t compromise on requirements, as the daily workings of your business will suffer in the long run. You need to think about:
- General office space
- Warehousing space, if necessary
- Parking facilities
- Other facilities, such as a cafeteria
- A reception or lobby
Finding a property is all about preparation and budgeting in advance. Knowing what you need ahead of time will ensure that you can then price-match your requirements with what you have, and make a more informed decision regarding affordable properties and whether you buy or lease them.
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