Everything You Need To Know About Finding The Right Business Premises
To keep your employees happy and motivated as they work, and to ensure you have enough space to operate your business, you need to choose the right kind of premises. This is a far more complex decision that many people release, but the good news is you can discover the most important considerations below.
Think about the needs of your business
The first consideration you must address is what your business specifically needs from premises. Many elements will go into this including location (a topic we will examine in more detail in the section below), the amount of space you will need, and the layout that will work for you.
In particular, it’s very important to consider how you will need to use the building. After all, if you are looking for office space for lease, then a huge industrial structure is not going to cut it. Similarly, if your business is based around in-person retail an office building in a business park outside of town will not meet your needs.
You will also need to consider access requirements and the types of services you will need at your premises. For example, many people require not only the building shell but also cleaning, security and internet infrastructure. While some specialist businesses will require specific things like enhanced power sources, waste disposal, and ventilation.
Initial location considerations
Location requires its section in this article because it is such an important factor. Indeed, it is not simply a matter of deciding where you would like your business premises to be, as the issue needs to be looked at in much more detail.
Firstly, one of the most important factors in choosing a business premises location is cost. That is the price of the premises must fit into your budget. However, it is also worth remembering that there are some specific advantages to certain high-cost locations. For example, town center locations provide plenty of footfall which is ideal for physical retail stores. While other cheaper locations that are in the process of being regenerated may be great value for money or come with added incentives such as grants.
Another important consideration when it comes to your premises location is how connected it is to local transport links. This is important because a well-connected location makes it easier for customers and staff to get to you. Similarly, a well-connected location makes deliveries and distribution of your product a great deal faster and easier and can save you a lot of money in the long run.
To buy, or not to buy?
When it comes to business premises that is the question. There are three options for you to consider here: buying, leasing, or licensing, and it makes a lot of sense to make sure you know the difference and the benefits of each before you make your choice.
Buying means owning the premises outright, and this makes it the most expensive of the three options. However, there are many benefits to owning the premises from which you operate your business.
The first is that you don’t need to worry about being kicked out of your building, and having to up and move your entire operation on the whim of a landlord. Secondly, when you own the building you can make changes easily as long as they fulfill planning requirements. Lastly, it’s worth noting that buying business premises can be a very good investment, especially over the long term, as you can hold onto it until prices rise and then make a tidy profit.
Leasing your business premises is a long-term option that offers more flexibility than buying. The typical term for a lease tends to be anything from around 3-20 years. Another major benefit of leasing your business premises is that your landlord will be responsible for any external maintenance or repairs in the building, which means you won’t need to find the money when the roof starts leaking, or new windows are needed. Although, it’s worth noting that even if you leave your premises before the contract ends you will still be liable for the rent unless you can negotiate to break the lease early.
Licensing is the most short-term option to consider, and as such, it is often best for smaller businesses or those that are just starting. The benefits of listening are that deposits tend to be small, and help from governments and charities is plentiful.
Licensing also prevents your business from being held to a long-term contract which means you can move on or upgrade your premises easily as your business expands. Last of all, with licensing you often gain access to shared facilities such as meeting rooms, a reception, and even kitchens for your employees to use.