Getting your own company off the ground can be fraught with difficulties.
Aside from gaining a foothold in the market or worrying about your cashflow slowing to a trickle, there’s also the frightening prospect of choosing the perfect premises to conduct your business.
Naturally, hundreds of different thoughts are racing through your brain – “Will I be paying over the odds?” “Will the premises be suitable for future operations?” – but we’re here to assuage your fears.
Although you’re well aware of the failure rate for startups in the UK (50 per cent fail in the first couple of years of trading), it’s time to step out of your comfort zone and find your ideal premises.
But what do you need to know?
Tip #1: Identify Your Requirements
Before you begin searching for your premises, it’s important to compile a list of what it is you and your business actually need. For example, you should think about the size and layout of the premises, not to mention the facilities for employees and visitors.
In addition, check out the utilities and identify whether there’s scope for automated meter reading to help control your energy usage, as well as adequate drainage and parking spaces for deliveries and ease of access for your customers.
Tip #2: Don’t Blow Your Budget
At the outset, identifying your requirements will also help you determine what you can or can’t get for your cash. Admittedly, money will be tight for the fledgling firm, but renting or buying premises will involve forking out for legal costs, so be sure to account for this.
What’s more, make sure you have enough cash to cover any initial alterations you want to make to your new premises, as well as money for rent, utility charges and buildings and contents insurance in case a burglar or arsonist decides to pay your new location a visit.
Tip #3: Choose a Promising Location
If you’ve ever watched a property programme on telly, you’ll know that location is the holy grail for prospective buyers everywhere – and your business should be no different. As a result, there are a number of factors to consider, such as transport links and how much passing trade you’ll likely get.
On top of that, you must also have easy access for deliveries, understand what the local competition is like and whether your potential customers will want to venture to that part of town for your products or services. Put simply, ignore the importance of location at your peril.
Fancy having your say?
Leave a comment and let us know what you think some of the important considerations are when a fledgling firm is looking for premises – we’d love to hear your thoughts.