Finding somewhere to operate from should be your first port of call if you’re about to start your own business. Whether you’re looking for office space, or need a warehouse, here are five 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, which, if you’re serious, will include forming a Limited Liability Company (LLC) and also your choice of business premises, to accommodate expansion plans 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 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 more accessible, 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 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 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 in the future.
To ensure you’re making the right decision, it’s best to weigh the pros and cons first.
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, keeping your energy costs down to a minimum is important.
To help you save money, consider comparing the business rates in the area by using a comparison site like Utility Bidder, which has a range of business energy providers to pick from, such as EDF Business Energy. EDF, in particular, offers startups a short-term fixed contract so they have time to decide which tariff will be best for them before committing.
Drawing up a list of what you need from a business property depends on your goals for your business.
Once you have a business plan, you can search for the right location, decide whether to buy or rent a commercial property, and consider any country-specific legal considerations. There are many more tips and information when choosing the right business property.
Continue reading our blog starting with this article on how landlords are attracting commercial tenants to their office buildings.