If you’re in the throes of launching a startup, or you’ve reached the stage where you need to relocate to try and expand your business, you may be on the lookout for a new company base. There are myriad options out there, and sometimes, this can make it difficult to know what kind of premises to plump for and what kind of contract to sign. If you’re searching for a solution that is perfect for your firm, here are some essential questions to ask.
Is building, buying or leasing best for my business?
When you’re looking for potential business premises, there are three main avenues to explore: building, buying and leasing. Building and buying may not always be financially viable, but if they are, investing in bricks and mortar is often very lucrative, and it can cut monthly expenses.
If you are considering building, it’s crucial to work with firms that have expertise in commercial development and project management. Developing isn’t always straight-forward, and you’ll need to bear several factors in mind before you choose a plot and work commences. Analyze land survey data and consider the location carefully before you do anything else. There’s no point in building in a location that won’t attract trade or on a site that is prone to flooding, for example. When you build or buy, think about the total cost and make sure you’re aware of the time-frame you’re looking at.
Leasing tends to be much cheaper in the short-term. You might be able to move in much faster, and you could take advantage of a better location that would be unaffordable if you were buying.
Is this base financially viable?
In business, it’s essential to keep a close eye on your finances. If you’re spending too much, it’s going to be incredibly challenging to stay afloat. Whether you’re buying or leasing, you need to ensure that your base is financially viable. Resist the temptation to look at premium locations if you have a business that isn’t reliant on footfall, for example. If you don’t need to be right in the heart of the action in the center of town, you could save yourself a fortune by moving just a mile or two away.
Do these premises give me what I need?
There are several types of business and commercial premises, and not every store, unit, warehouse or office block will suit every company. When you’re looking at options, think about how that space could work for you. If you find yourself listing things that don’t work, or you’re already making a list of changes within seconds of walking through the door, that property probably isn’t the one for you.
Is there scope for growth?
When you’re trying to establish a business and expand your client base, you don’t want to be moving around all the time. Look out for premises that offer scope for growth and development.
Picture taken from https://www.flickr.com/photos/enricod/5767999175
Are you on the hunt for a new base for a growing business, or are you preparing to launch a startup that doesn’t currently have a headquarters? If so, hopefully, you’ll find this guide useful.
Image courtesy of https://pixabay.com/en/office-startup-tables-chairs-room-594119/