For entrepreneurs starting out, there’s no greater feeling than choosing your first business premises. If you’ve been working out of your home, moving to a dedicated space is a positive step that will help your business to flourish. You can expect to be in this office for at least six months, so making sure it’s the right space for your business is essential. And if you’re buying the space, you’ll probably be there for much longer. From picking the right location to choosing between a serviced office or a bare bones industrial space, there is so much to consider before signing on any dotted lines.
Here Are 5 Steps For Choosing The Right Business Premises
1. Narrow down your search
When choosing your business premises, restricting your search to a few specific postcodes will help you to make a decision quicker. If you start your search too broad, you’ll soon find yourself stretching your budget or compromising on transport links. Choose an area that offers affordable spaces and then begin to narrow down your search.
2. Be realistic about size
It’s better that your space is too big rather than moving in and discovering it’s far too small. A space might look enormous when it’s empty, but as soon as you fill it with furniture you’ll soon see how quickly an office can look crowded. If you’re looking for a serviced office building with similar offices, ask the neighbors if you can look around to get an idea of how it might look when it’s completed.
3. Do you need parking?
If you will have customers visiting you at your business, you may need to provide parking to prevent your business becoming a nuisance to other businesses in the area. Likewise, if you’re in a remote area and are expecting clients to visit you, you should think about how they will manage this. Some serviced offices will provide one or two spaces for employees while others will provide a number of dedicated spaces. Always check the lease and the law before signing anything binding.
4. Rent or buy?
Renting gives you the freedom to quickly move on if the space isn’t right for you, or if you need a bigger space. It will also help to free up some capital in those difficult first months. On the other hand, owning the space will mean you have complete control over everything, and the building will then be listed in your assets. If you choose to buy business premises instead of rent one, you will have additional fees to worry about such as surveyors and conveyancing solicitors.
5. Will you be changing the building purpose?
If you’re planning to start your restaurant empire in a trendy railway arch, you might need to check what planning permission will be required to change the building use. Converting an industrial space is becoming an increasingly popular solution for ambitious startups, but you will need to make sure you stay on the right side of the law.