Choosing your business premises is a crucial decision.
There are many variables to consider that will affect you and your employees. A good location might come with a high rent cost. A low rent might mean choosing a less desirable location or a building that needs repair.
Whether you’re scouting locations for your very first business or choosing to relocate your current business, remember to consider all the pros and cons before you start the big move.
Here’s how to choose the perfect premises for your business.
Consider All the Costs Involved
Many people wrongly assume that the only cost involved with securing premises for their business is the rent or mortgage, but this is often not the case.
There are additional costs to consider including insurance, utilities, and business rates. Not to mention the other potential costs such as maintenance, cleaning, stamp duty, and the considerable amount it usually takes to fit out an office for production space.
Before you begin seriously considering any property for your business, you must make sure you have a firm estimate of every cost involved and compare these expenses to your budget, not just the lease.
Check the Condition of the Property and the Equipment
Many business premises come fully or partially fitted with items that your business will need to operate. This necessitates thorough checking of both the building itself before you invest, as well as the equipment included in the lease.
Pay special attention to check the structure for issues such as damp, subsidence, and infestation. Also, if the equipment is supplied, check that it’s in good working condition and that if it includes any piece that requires a higher source pressure to be converted to a lower output pressure, it contains the right pressure regulator valve for the job.
Without a thorough check of the property and all equipment, you could have delays that could risk the health and safety of you and your team.
Consider the Location
To choose an appropriate property for your business, you need to find one in a location that works for everything your type of business does.
For example, a manufacturing-based business would not be suited to a high-end central city location because the lease costs for the property are likely to be higher, and as they would require a great deal of space, it wouldn’t be an economical choice.
With all the resources that would need to be delivered daily and the shipping out of finished products, a city center location wouldn’t work because of traffic congestion and being too far away from main travel routes.
But if you have a retail business a location with high footfall (such as in the center of town or in a retail park), you can expect better success, as oppose to warehouses located in industrial parks that wouldn’t get walk-in customers.
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