For any business, finding the right premises can be challenging. Business premises are one of the biggest expenses for a business, so it is important to find the right one at the right price, in the right location. It can often take longer than you think and you might need to look at many places before finding the right one, but it is usually worth it.
Here are a few tips to help with the process:
Decide On What You Need
Do you want to buy or lease? Both have their pro’s and con’s, it depends on your situation. If you are just starting up, it may be wise to lease somewhere until your business has proved its-self, before making the commitment to buying a property. However if you are an already established business looking to grow, then buying a premises could be a long term investment.
Which ever you decide on you will still need to workout what you need, based on a combination on both your businesses current and future plans. A few things to consider are: what size of premises, what layout, and the length of time you require the property if you are renting. Your location of choice will depend on your business type, and you may need to be near your customers if your business requires it.
Set a Budget
The most important thing here, is to make sure you can afford which ever premises you are interested in. Look at your business financials to get an idea of how much you can afford to spend, and do some research about the various costs you are likely to incur. For example there are costs to get the premises such as deposits, equipment, furnishing, renovations, moving, and any professional fees. Then there are also costs to run the premises on a monthly basis such as rents, heating, insurance, business rates etc. Once you have a realistic idea of your budget and the costs, then you can start the process of looking for your ideal premises.
Get Professional Help
Now it’s time to get professional help for your search. You need to make sure you seek professional advice before agreeing any terms, signing any paper work or paying any deposits so you don’t make any mistakes. Your accountant would be able to double check your budget to see if it is affordable.
Commercial property leases can be complicated and so there is a good chance you will require a commercial property lawyer. Also you will need a commercial property agent to find a list of vacant premises for you to look at.
Start Searching
At this stage it is important to try an see as many properties as you can. It may help to make up a schedule so you know in advance when you have to view properties. Setting up a checklist can be a great way to compare the properties you see, so you can make a better decision about which is best.
The list could contain all the elements that are important for your business. You can then score each property you see based on your criteria. At the end of your search, the ones with the highest scores can be put on a shortlist for further consideration.
Purchase The Premises or Sign The Lease
Once you have found your ideal premises, one that fits all your requirements and meets your budget, then it’s time to sign agreements and hand over deposits. Your professional advisers will help to guide you through each step of the completion process. After all that is done then it’s time to renovate, move into your new premises and carry on with business as usual.
