5 Tips for Choosing the Right Business Property

If you’re about to start your own business, finding somewhere to operate from should be your first port of call. Whether you’re looking for office space, or need a warehouse, here are 5 tips for choosing the right business property.

Draw Up a List

When on the hunt for a business property, you should draw up a business plan which can outline various factors such as the type of property size you need, the facilities, the structural requirements, as well as the overall layout. You should also think about your long-term goals for your business and how they may interfere with your choice of business premises, such as if you plan to expand your property in the future.

Pick the Right Location

Finding the right location for your business property can be challenging. While you will want to pick premises that are in a prime area for your customers, clients, and employees, you may find it costly to have a property in a hotspot area. There are several factors that you should take into account which can make the decision process easier, such as where your competitors are located, parking restrictions, as well as business rates.

Buy or Rent

Before you begin operating, you will need to establish whether you want to buy or rent a commercial property. Some of the advantages of renting a business property include less capital that is invested (over buying outright), meaning you can have more flexibility should you wish to relocate. If you want to buy a business premises, you have the flexibility to repair the building as you see fit, which can increase the value of the property should you plan to sell it off in the future. To make sure you’re making the right decision, it’s best to weigh up the pros and cons first.

Legal Considerations

There are various legal considerations that you must take into account before choosing a business property, such as planning permission, fire regulations, accessibility, and health and safety. If you decide to rent commercial premises, you will most likely need to pay stamp duty. If you need help, you can contact a solicitor who can give you more information on buying or leasing a business property.

Gas & Electricity

Whether you’re planning to run a small business or a large company, it’s important to keep your energy costs down to a minimum. To help you save money, consider comparing the business rates in the area by using a comparison site like Utility Bidder who have a range of business energy providers to pick from, such as EDF Business Energy. EDF in particular offer startups a short-term fixed contract so that they have time to decide which tariff will be best for them before they commit.

Drawing up a list of what you need from a business property, finding the right location, deciding on whether to buy or rent a commercial property, as well as taking legal considerations into account are just a few key tips when it comes to choosing the right business property.