Choosing the right property and premises for your business is a big decision. Finding the right location for your business to set up a premises is critical for both your customers and employees, whilst the building itself can lend itself to increasing employee productivity, customer satisfaction and overall business success.
When looking for a business property, you will need to take into account the different requirements needed, such as licenses, commercial leases and your day to day costs and outgoings. If you’re looking for the right property for your business, here are 5 tips to consider and help you during your search.
Figure Out What You Need
Before looking for a business property, you need to draw up a list of what is important to you and your business in order to succeed. Consider things such as property size, location, amenities and layout, as these will be things that you notice on a day to day basis. You will also want to consider your long term business plans and how these could potentially affect your choice of property. If you’re planning a business expansion or want to alter the property to suit your needs as your business grows, then be sure to check out the building specifications.
Location Is Key
It can be a bit of a balancing act when it comes to choosing the right location for your business. You might want to consider a location which is convenient for footfall and customers, as well as your employees, but which isn’t too pricey. You will also want to consider things such as parking and public transport access, especially if you will be having customers visit your business. Remember that inner city business property will likely have a much higher premium than ones which are just out of the city centre, so if you’re not overly reliant on customer convenience, then you may want to consider this option too.
Consider Visiting Property Auctions
Commercial property is a huge market and one popular way of selling these properties is through commercial property auctions. Both commercial and residential property auctions are a great way to see properties that you normally may not see and are recommended if you are looking for a quick buy or are on a tight schedule. Sales are also likely to be done at a good price, meaning that you can often get much more for your money than you would via another means. Properties such as offices, shops, warehouses, pubs and restaurants and even commercial land can all be sold at a commercial auction, so no matter what type of property you are searching for, you’re likely to find something at an auction.
Get Help With Your Business Rates
Business rates can be tricky to navigate for experienced business owners, so if you’re new, it is highly recommended that you seek some help and advice. There are some schemes available to help businesses with rates, such as the Small Business Rate Relief scheme, so be sure to check if you are eligible for these, as they can make a huge difference to your business outgoings.
Rent or Buy?
When looking for commercial business property, you will likely be asked whether you are looking to buy or rent. You need to consider what is best for your business needs, as there are pros and cons for both options. Renting a business property means that less capital is being used to invest and gives you the bonus of flexibility, whereas if you buy a commercial business property, then you have the choice to manage and change the building as you wish.