Choosing Business Premises: What You Need To Consider

Choosing the right premises in which to locate your business is one of the most important decisions you will make for the success of your business.

To help you make sure you make the right choice, we’ve put together the following guide. From choosing the right location to budgeting for your business premises, take a look at the following tips.

1. Evaluate the Location

The location of your business premises is one of the most important aspects of determining the success of your venture. If your business relies on footfall, or dealing with customers in person, this is going to be of particular importance. When choosing business premises, consider whether the location will help your business to meet demand, and is located conveniently for your customers. You also need to consider whether it’s well situated for you and your employees. For example, are there good transport links nearby? And are there local amenities such as restaurants and supermarkets for lunch breaks? You should also make sure your business has parking for employees that will be driving to work. 

2. Inspect the Premises 

Before choosing the premises you’re going to locate your business in, you need to make sure you have inspected them yourself in person. You should also hire a real estate surveyor to help you identify any potential issues with the building. This could be aspects such as structural issues or rodent infestations. If your business premises experiences issues such as rodent or cockroach infestations, contact exterminate pest control to help eradicate the problem and carry on with business. Seeing the building yourself will also help you to determine other factors, such as budgeting for renovation work or planning the layout of your premises.

3. Create a Realistic Budget

When choosing the right premises for your business you need to make sure you’re realistic about creating a budget plan. The right premises not only need to offer you everything you need to run your business but also be within the right budget range for you. Buying or renting a setting that is too expensive could mean money wasted that could go into other areas of the business, or generate revenue. Factors that can drive up the price of real estate include location, facilities, and of course the size of the building. Create a pros and cons list to help you identify what exactly you need from your premises and whether there could be any aspects you’re willing to compromise on to help reduce the cost of buying or renting.

4. Explore Local Government Incentives

One thing that could help you with choosing the location for your business premises is what local government incentives might be on offer to help with choosing where to start your business. Local government incentives for businesses include tax breaks, grants, loans, streamlined permitting processes, infrastructure support, land and real estate incentives, workforce development programs, incubators, foreign trade zone benefits, and energy efficiency/sustainability incentives. Specific details vary by location.

5. Consider Size and Design

The last and perhaps most obvious aspect of choosing the right premises for your business involves the size and design of the building you need. Make sure you choose the premises that offer the right size for all the different areas of your business. For example, customer service areas, staff break areas, or canteens. You also need to make sure it has the right facilities if you’re renting the building, so be sure to visit in person and check that everything is set up and ready for your business to move straight in and start operating.