There are several reasons why business owners may look for new premises. From launching a start-up and expanding to developing new departments and changing locations, it’s important to find the right base. In this guide, we’ll outline some essential considerations when searching for new business premises.
Location
Location is a top priority for many company bosses, but it’s not always the most important factor. Consider the type of business you run and your requirements. Retailers and legal and real estate firms, for example, often benefit from prime city or town center locations. If you run a logistics or warehousing business, the proximity to transport links and infrastructure is crucial. Weigh up different locations and pinpoint priorities. If you are relocating, and you don’t know different areas well, carry out extensive research and view different properties and plots before you make a decision.
Business requirements
There are many different types of commercial and industrial premises. When you’re searching for a base for an office, firm, store, venue, laboratory, site or salon, for example, focus on your business needs. As well as the location, you’ll need to think about the size and scalability of the building and whether it caters to your requirements. You may need temperature-controlled spaces, safety features, precast concrete walls, accessible facilities and entrance points, or space for storage, equipment or vehicles, for example. Explore different types of premises and arrange viewings. It’s critical to ensure that your business base works on a practical level.
Budget
The cost of renting or buying commercial premises varies hugely. Before you enter into a search, set a budget. It’s worth considering renting and buying if you have the capital to invest. Determine how much you can afford to spend on purchasing land or an existing building or renting premises. Once you have a budget, you can filter results online and contact agents that specialize in commercial sales or lets. If you don’t have to be in a sought-after part of town, you could save a substantial amount of money by moving further out. Other ways to save include renting areas within larger developments and downsizing if you have a flexible or remote workforce.
Accessibility and visibility
To make business premises work, they have to be accessible to the right people. This may include employees and customers if you rely on footfall or you welcome clients to your office, showroom or store, or your team if you don’t interact with customers on-site. If you do depend on footfall or passing trade, it’s also vital to ensure that your premises are visible and that they command attention. If your employees or customers travel to the premises, being close to transport links is always beneficial.
Are you growing your company, are you preparing to launch a start-up, or are you thinking about exploring new locations? If you’re on the hunt for new business premises, it’s essential to consider the location, your business requirements, your budget and accessibility and visibility. Take your time to research locations, view different buildings and weigh up the pros and cons.
