Suppose you are an ambitious entrepreneur, and you have finally managed to get your extraordinary idea off the ground.
In that case, you may be a bit overwhelmed when it comes to finding the most suitable business premises to grow your company further.
While you will need to consider various important details such as commercial property location, your business’s budgetary allowance, and the premises’ size, it will also be worth your while to consider building premises instead of renting.
Top Tips to Find the Best Commercial Property for Your Business
Because high rental costs can dramatically affect your startups’ cash flow, there are several instances where building premises is more advantageous.
To help you make the best financial decision for your business, we have compiled this list of excellent tips to help you find the best business property.
Building vs. Renting
One of the significant drawbacks of building business premises is a large amount of time the project will take. However, there are ways to reduce the project’s projected length, such as relying on one source of accountability for all the properties’ inner details.
Building information modeling, or BIM, will refine the process of building a property significantly, which is why opting for an engineering and construction business that integrates this system into their operations.
Building premises will require a more considerable initial investment, although you will be able to enjoy massive savings in the long run. With that said, it is only truly beneficial to build a premise if you won’t be relocating your businesses, and your budget allows for construction.
On the other hand, renting property is best for businesses that will be relocating. In addition to this, renting is also best for smaller-scale companies that cannot invest in property just yet. There are many instances where renting is more advantageous than buying for certain types of businesses. Suppose you are renting a shared space; in this case, renting would likely be more affordable. It s best to weigh out the pros and cons of renting as there is no right or wrong decision.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
Determine What Your Business Needs
Every business is unique in its needs from premises as some may require ample storage space while others may require practical offices or a functional factory area for manufacturing machines. The best way to find suitable premises is to determine what your business needs from a commercial property.
You will need to consider property size, the interior layout, included facilities, parking space, and even structural requirements. Outlining these specifics first will substantially narrow your search for the right property, as you will be able to exclude candidate properties that don’t meet your standards with a lot more ease and confidence.
The best way to determine your business’s needs is to make a detailed list of all your needs. There is no doubt that your business is as unique as any, and the type of premises you opt for will massively impact how your company functions.
Instead of assuming your needs will be standard, you should ensure your chosen commercial premises gives you the best.
The location of business premises is as important as what the building has to offer. While you will need to consider a place that provides your existing customers’ convenience, you will also want to find your business operating in an area that allows you to expand your audience as well.
What’s more, the location should also be suitable for your employees as they are your brand’s backbone. Another important consideration in terms of area is the relevant value of commercial properties within a location.
As property values differ according to location, the location is exceptionally important. Commercial properties’ location can impact deliveries, proximity to competitors, and potentially restrict customer access if the parking is not quite right. Considering all these details is crucial to finding a property that really can fuel business growth and lead your brand towards ultimate success.
Just as there are legal factors to consider when buying a private residence, several critical legal aspects are also considered when looking for a business premise. These factors will vary depending on whether you will be renting, buying existing premises, or building new premises for your company.
These legal factors will include planning permissions, safety, health and fire regulations, and potential licenses. The varying legal factors will also largely depend on the type of business you are running as construction and manufacturing businesses will require slightly more legalities than companies that merely require an office or retail space.
You will need to comply with the lease details should you decide to rent a property, while purchasing property means you will need to pay stamp duties. As the legalities vary drastically, it is best to inquire about the legal factors before making a final decision.
You can request advice from a solicitor, whether you will be buying, renting, or building premises for your business.
Considering Covid19 Changes To Business
The covid19 outbreak has dramatically changed our daily lives. However, the pandemic impacts have also drastically changed the landscape for businesses operating in all industries. Instead of viewing specific effects as adverse, it is best to find ways to benefit from the changes.
Therefore, you may find that you can rent smaller premises and encourage a remote, work from home environment for employees that can function out of the office. Countless businesses worldwide are shrinking premises size as covid19 regulations encourage us to stay home as much as possible. These regulations can help your business save a small fortune over time.
Other considerations specific to the pandemic include stringent health and safety standards, social distancing, and constant sanitation of surroundings. Therefore, your premises size dynamic should allow employees to social distance.
Adhering to covid19 restrictions can help save your business as remote workforces are rapidly taking over. Once you have evaluated all the essential factors, you will find the best premises for your business and take your brand to the next level of success.
Some other articles you might find of interest:
Marketing blogs you must follow as an entrepreneur:
Are you feeling cramped in your home office space? You might enjoy this article: