At some point or another, every entrepreneur will need to set up their business premises. That could be as soon as they establish the company or once they’ve grown their one-person company enough to employ more people.
Expanding enough to have premises is an exciting process. If you’re in this position, you’ll likely want to get straight to it.
You’ll need to know how to set up your business premises the right way, however. That could be slightly more complicated than you’d think.
It isn’t as simple as choosing the first building that you find. On the flip side, however, it doesn’t need to be overly complicated.
While there are factors you’ll have to consider, getting through them should be relatively simple. Doing so should mean finding the right premises for your business.
That’ll avoid needing to change offices or expand unnecessarily in the future.
Should You Buy Or Rent Your Business Premises?
When you’re setting up your business premises, you’ll need to make several important decisions. One of the more notable is whether you should rent or buy.
For many people, this might be a relatively obvious decision; they mightn’t have the budget to outright buy the property. If you’re in the position to, then it could be worth considering.
At the same time, renting could be an appealing option for several reasons. Buying and renting both offer multiple pros and cons. You’ll need to weigh these before making your decision.
Renting your business premises offers several advantages, including:
- There are lower upfront costs.
- It’s more straightforward than buying.
- Rental costs can be deducted from taxes.
- You have the ability to move elsewhere relatively quickly.
While these can all be appealing, renting does have its drawbacks. One of the more notable is that it can be quite restrictive; you’ll need the landlord’s permission before making changes.
Sometimes, these mightn’t be possible, which could be a hindrance for your company. Rent can also fluctuate quite significantly, with this typically going up.
Unless you’re in a long-term agreement, you’ll likely end up paying more and more as time goes by. That could make buying your business premises quite attractive.
Taking this approach has multiple benefits, including:
- You can offset many of your payments with your taxes.
- You can sublet areas, which provides another income stream.
- You’re able to make changes whenever you see fit.
Having said that, there can be some negatives associated with this process. The most obvious is the cost that’s typically associated with it. There are several others, however.
It’ll take more time and effort to buy a business premises, for example. During this process, you’ll need to perform due diligence, obtain planning permission, and more.
You’ll also be responsible for ongoing maintenance, such as commercial roof repair, among other duties. The costs of these can often add up over time.
You’ll need to make sure that buying a business premises benefits your company more than these will hinder it. That could take a lot of time and effort.
At the same time, you’ll need to consider multiple other factors. That includes choosing the right premises, among other things.
You’ll still need to know how to set up your business premises the right way. You’ll already know that you’ll need a building, furniture, and equipment.
There are several other things to keep in mind when you’re setting up your business premises.
How To Set Up Your Business Premises The Right Way
Do Your Research
You’ll need to spend a significant amount of time researching premises before you decide. As part of that, you’ll need to know exactly what you’re looking for.
Your business will have specific requirements and needs. Knowing what these are helps you narrow down the number of options to choose from. These will be the most appropriate places to base your company.
You should also have a list of optional extras that you’d like to have. These can be used to further refine your options.
At the same time, you’ll need to research the potential costs of these. You could find that certain things are outside of your budget.
Considering and researching various other things could also be an option. These could be based around maintenance costs, nearby businesses, and other factors that could affect your company.
Choose Your Location Carefully
Where you base your business makes a significant difference in how successful it will be. Choosing a city is only the tip of the iceberg. You’ll need to think about several other factors.
If your company is retail-focused, then you’ll need to base it somewhere that has a large amount of foot traffic. That encourages more visibility and sales.
You won’t get many customers walking into a store if there aren’t many people nearby. Where to locate your business premises can depend on several factors outside of potential customers.
You could also need to worry about suppliers, employees, and third parties. Will it be easy for them to get to your business premises? Is there a talent pool for you to hire from?
If not, then it might not be a viable long-term solution. As you might expect, the cost will also play a significant role in this.
The places that may be most appropriate for your company may be the most expensive. You’ll need to consider the cost carefully to make sure you can afford the location in the short term, at a minimum.
You could always move to a more attractive location once your business has enough revenue for it.
Look For Accessibility
When you think of accessibility with a building, you’d typically think of people with disabilities. While making sure they can use your premises is a priority, it isn’t the only part of accessibility to think of.
You’ll need to focus on how easy it is for employees and potential customers to get to. Though some of this is related to location, multiple other factors can affect it.
Whether your premises is down a side street, for example, will play a role. You’ll need to keep this in mind when choosing premises.
Coupled with that are any equipment or supplies that will need to be brought in or removed on a regular basis. Can you do this with the property you’re considering?
Plan Out The Space
Every entrepreneur has goals for their business. These are typically increased revenue and profit. Business owners will optimize every part of their company to achieve these goals.
One part that’s overlooked with this is business space. You’ll need to make sure that your workspace is optimized to achieve your goals.
That focuses on allowing employees to do their job more effectively. Your workers will need to engage in specific activities in your premises.
You’ll need to make sure that it’s designed to allow them to do so as quickly and easily as possible. If an employee needs to regularly print things off, for example, having the printer on the opposite end of the building would be inappropriate.
It’s much easier to design your business premises from scratch and build it based on employee activities. That doesn’t mean that repurposing a pre-existing building will be impossible, however.
Keep what your employees need to do in mind and plan around this.
Don’t Forget To Spread The Word
Once you’ve set up your business premises, you’ll need to spread the word. That’s especially true if you’ve moved location.
There are multiple ways that you can do so. Social media is perhaps the most notable. Alongside being quick to share on, you’ll likely already have followers on these platforms.
They’ll need to know that you’ve changed location or opened a new premises. If you don’t tell them, then it’s likely they won’t find you. You could miss out on sales and revenue.
It’s worth taking a planned approach with this. You should tell followers in advance that you’re planning on moving.
Giving them as much information as possible is recommended. That includes when you’re moving and where you’re moving to. You should also update them again once the move has taken place.
Don’t forget to change your company’s listings with any online directories. You wouldn’t want any of these pointing to your old address. If they do, you could end up missing out on potential customers.
How To Set Up Your Business Premises: Wrapping Up
There are quite a few reasons why you’ll need to know how to set up your business premises the right way. It’ll ensure that your employees can work effectively.
It should also avoid the need to move to another building because the first choice ended up being inappropriate. Keeping the above in mind will help with that.
You’ll need to consider multiple factors when you’re setting up your business premises. Taking a methodical approach will be helpful with this.
Having a checklist of what you need is a priority. If a particular building doesn’t have each of these necessities, then it should be worth avoiding.
Adding in a list of optional extras can be helpful. Once you’ve narrowed down your choices, you can use these extras to make the right choice for your company.
Coupling that with the above will make sure that you set up your business premises the right way.