As a startup business, choosing your very first business premises is a crucial choice. Getting the right location and building for you can help jumpstart everything you have been working towards and put your key business plan into action.
While setting up your first business premises can be an exciting (albeit nerve-wracking) time, it’s important to plan ahead and be sure that you’re realistic about what you require.
Deciding to Buy or Rent
This is possibly the biggest question in terms of wants and needs and will primarily depend on your budget and position. As an entrepreneur, it may be that you don’t have the required funds to fall back on for making huge deposits in order to buy a property, so renting may be your only option. Or, it may be that you do have enough to either buy or rent, so you will need to weigh up the pros and cons fairly. Think about your long-term goal and the flexibility each option could afford you.
Stick to Your Budget
Always be very strict about what you can afford. If you’re viewing properties and find what you believe to be the perfect option but it’s far out of your budget, don’t try and stretch your funds and don’t risk getting into debt before you’ve even begun. You can always work up to a bigger or better property in the future, but for now, make sure you have a strict budget and stick to it.
Consider All Security Extras
When considering your business property, you should also factor extra necessities into your budget and planning, particularly in the realm of security measures. You will need to think about installing CCTV systems and relevant alarms, and professional suppliers and fitters like Jackson Fire can help you do that, as well as provide quotes ahead of time.
Think About Commutability
It’s naturally important to think about the building itself — and the interior of it. However, have you also considered its location regarding accessibility and commutability? Not only do you need to ensure that all employees can easily get to your business building, but if you’re planning on having a lot of visitors, whether consumers or otherwise, you need to ensure that your location is easy to get to.
Think about being close to transport links and in the thick of it where necessary. Or, if you do need to be a little more remote for the right building, at least provide car parking facilities and clear directions for visitors.
Think About the Company Growth
You should always be thinking about the future when developing your startup, and this includes the potential for growth. If your future plans see you growing your business in a way which won’t affect your physical premises, then you may be able to stick with your first choice long term. However, if your growth plans see you needing bigger premises to grow along with you, then factor that into your location plans.