Thursday, 19 October 2017

How to Choose Your Business Premises

Written by Posted On Thursday, 05 October 2017 09:53

When it’s time to move a business into a fully fledged physical office space, or upgrade to a bigger space it can be difficult to know what to look for. The commercial property world is vast and there are a variety of spaces on the market - some of which may or may not be suitable for your business.

 

There are some key factors you must consider when choosing your business's premises:

 

Location

 

As with any type of real estate, location is a key factor when purchasing a premises for your business. In order to flourish you need to be in an easily accessible area that makes sense for your business.

 

So, a clothing shop would be much more value on the High Street. A countryside veterinarian in a more remote township area. Marketing agencies do well in the city centre of a bustling city. And so on. Location is very much dependent on your business and it’s function, so consider this first before deciding where to search for your next location.

 

Also, if your business requires heavy footfall then factor this into your search. Spend a day in the location to assess the ebb and flow of people to determine if it’s right for your business.

 

Facilities

 

If you need a loading bay that is accessible at all times, then this will be at the heart of your premises search. Likewise if you need an open storefront to attract customers. These are key elements that you must factor into your search for a business premises.

 

Parking can also be a key issue for both staff and customers alike. Ensure the premises has access to parking within an easy distance, or good transport links in order to give people the easiest route to your building as possible.

 

Don’t be tempted to invest in a property for location if it does not have key facilities, as this will only be a hindrance to you moving forward.

 

Competitors

 

Moving in next door to your competitor is not only passive aggressive, but it can be bad for your business in the long run. Customers will face a choice between the two of you and if they have been settled in that location for a longer period of time you may, inevitably, miss out on business.

 

By no means should you look to avoid your competitors at a risk to losing out on a prime location. Simply be aware of them and try to leave a suitable distance in order to not lose out.

 

Outlying Issues

 

Bad neighbourhoods, loud neighbours and other issues may not be apparent until you move into a property. So it is imperative that you research an area and the property in question as much as possible beforehand.

 

For example, try and avoid buying or renting a property which may be subject to a compulsory purchase order in the near future. Researching the area and seeking access to planning permission can be one way to determine if this will be an issue for your business.

 

 

This is by no means a comprehensive list, but these are some of the most important issues to consider when choosing a commercial property for your business. Remember to consider your business needs, location and accessibility as much as possible when making this move. Doing so can help you to avoid another move in the near future as a result of the premises not being right for your business.

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