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How To Choose Your First Business Premises

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StrategyDriven Starting Your Business Article |Business Premises|How To Choose Your First Business PremisesPerhaps you started off at the kitchen table. Or maybe you were in a spare room. Crammed into a garden shed or a loft conversion, occasionally working out of a cafe with free WiFi when you could. Launching your own business often starts with unglamorous surroundings – and when the time comes to finally move into a proper business premises, it feels like a significant milestone. Where your business is based has the power to be transformative. Whether you’re seeking warehousing space to become the logistical hub of operations, or an office environment where you can expand your team and make new hires to grow your business, it’s an exciting time but also a potentially stressful one. Securing premises generally involves a cash outlay and being bound to various contracts, so it’s a decision which needs to be right. If you’ve never chosen a business premises before, what do you need to know to make sure that you get the choice right?

Think Through Your Requirements

Despite your business straining at the seams for growth, choosing a location is not something that you should rush into. Before you go signing up to every commercial lettings agency in town, take the time to draw up a comprehensive list of the unique requirements that your business has, so that you can make viewings with a logical mind. Think about the size of space you need – and how quickly you’re likely to grow. You don’t want to sign a contract only to find that you’ve already run out of space six months down the line, but equally you don’t want to be paying for space you don’t need. If growth is unpredictable, then place a short term leasing agreement higher up your list. Think about things like access and proximity to public transport hubs for your employees. Look into parking restrictions, nearness to your suppliers, building facilities, business rates and the security of the property – even things like the Access Entry System. Now is the time to both think of the big picture and zero in on the details to make sure you make the right choice.

To Buy Or To Rent?

One of the main considerations to bear in mind with your first business premises is whether it’s better to rent or take the plunge and seek capital funding to purchase. This decisions depends on a variety of factors. If you work in a smaller scale, high growth industry such as software development than it makes more sense to rent – this gives you more flexibility and requires less outlay of precious capital. In other situation, where business growth is more steady or you require a very specific space for specialist manufacturing equipment, you may well be better off making a purchase, as you can manage and modify the building to fit your needs. This also gives you the option of renting the premises out in the future if it no longer suits your requirements and creating an additional income stream.The decision has to be up to you – but make sure you enter the process with a clear mind, and you’ll make the right decision for your business.

3 Ways to Secure the Property You Want

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StrategyDriven Starting Your Business Article |Buying Property|3 Ways to Secure the Property You WantRunning a business can be incredibly rewarding, and your success can bring a number of positives to your life, not just extra income. Success often comes with challenges, and as your business grows and succeeds you will soon find yourself running out of space in wherever your business began.

If you started in your garden shed or garage, or are working from a small industrial unit, with your business’s success will come a demand for expansion. Operating from premises that are more appropriate to your company’s needs will also increase productivity and efficiency, giving you a firm base to further grow your business.

Getting the property that you want and that your successful company deserves can seem difficult at first, but there are a few avenues every executive should explore when they are looking for a property to satisfy the increasing demands of their successful business. Here are three ways to secure the property you want.

Speak to Your Current Landlord or Developer

If you are already operating from a commercial property, it is always worth talking with your existing landlord or commercial letting agency to see if they have any other, more suitable properties in their portfolio.

They may also be interested in expanding your existing site, working with you to develop their property with you as a long-term tenant.

Arrange Financing to Help the Business Expand

Property is a fantastic asset for a business to have, and investing in property is often seen as a safe place to invest large sums and receive a long-term return. This makes a new property a great place to invest the financial rewards from your success.

If business is booming, arranging finance for a commercial property will be simple and quick to do, especially with sites like https://alternativebridging.co.uk/ that help broker the right financial package to help your business buy an existing property or even build its own tailor-made facility.

Work with Local Authorities and Development Partnerships

A number of councils across the country, and business development corporations, are building commercial business parks, some with large units available if you need manufacturing space.

Business parks like these often come with a number of amenities that only add to your business’s efficiency and productivity. They are often situated close to major road networks and motorways for convenience, often so close that you can see the units offered as you drive by on the motorway.

You may be surprised at the government initiatives that are available in your area to help businesses grow and create more jobs. They will often have schemes available for local businesses to expand, especially if property and an increase in employees is a part of the expansion. Local governments can help small businesses guarantee finance or receive tax breaks for increasing their number of employees.

Taking the next step and expanding your business with a new property is easier than you think, and can increase your productivity and your profits. Why not build on your business’s success with a new building?