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44 years of success - Established 1974

44 Years of Success
Established in 1974

"Helping you gain
.control of your career"

Locating the Ideal Premises for Your Business

 

When planned well, finding a new location for your business can be an exciting and challenging prospect. If left to chance, it can become a nightmare. So, you need to prepare yourself well and we can help with that. Answer the questions in the list below and you’ll be well on your way to discovering the perfect premises. Add or delete the questions as your situation dictates:

Q1. Where do you want to be located? – It may seem like a cliché, but location really is one of the most important factors for your business. Imagine having a cute little ladies shoe shop, but you are located in the middle of a huge dirty industrial estate. You are not likely to get much passing trade and even those who know where you are might not want to make the trip to your shop if it’s out of the normal shopping area. Also think about transport and parking for your customers – disabled access if needed, restrictions on parking for deliveries and so on.

Q2. How much are you prepared to pay for the premises? – Working out your budget before you start looking for premises is a good idea. Bear in mind that cheaper properties may end up costing you more in repairs, heating bills and general maintenance. Paying a little more in the first place may end up being more economical in the long run.

Q3. How big your premises need to be? – Again, it’s a good idea to work out what size of premises you need before you start your search. Making sure you know the smallest and largest sizes of property you can manage will help narrow your search. But do bear you future plans in mind when you choose your premises. If you are planning to expand – will the property allow for it? Is there space to store more stock if you need it?

Q4. What is the condition of the premises? – Making sure you know whether the property is fit for purpose is another important task. Think about accessibility – are there any steps to negotiate, will the doors be big enough to allow stock access? You also need to think about the state of any gas, electricity, phone/internet and water supply as well as making sure that toilets or kitchen facilities are in working order. If you require any other special arrangements, such as access for large vehicles, ventilation or cooling, make sure you check the availability and condition of these with the agent or landlord.

Q5. Do you need to buy the premises or would renting be sufficient? This will depend on what kind of money you have at your disposal and what your plans for the future include. If you decide to lease your property, as many businesses do, when it comes to expanding, you’ll be able to move with ease. You may also find that the landlord offers incentives to encourage you to rent for a fixed period. This often happens in shopping centres, where the first six months are rent free. Of course, the downside is that the landlord can ask you to move at the end of the lease period, whether you want to or not. Buying a property does give you more security and you’d be able to alter the building as you like, sell it when you want and so on. But, you’ll also have to pay for any alterations or problems that need to be fixed.

Once you’ve answered these questions you should have a pretty good idea of what you need. Use this knowledge to make a list of possible properties and then make arrangements to see them to further assess their suitability. If you feel like you need more help, why not request a prospectus for our Start Your Own Business course.