It’s not a simple process finding commercial premises for any business. It isn’t all about size and location. You need to look at all the facilities on offer, what the next five or so years will look like for your business and the cost of important things such as utility bills.
These are the top 5 factors that will determine your choice of commercial premises:
Depending on industry, the location of your business is going to be an important factor. If you are a retail manufacturer, for example, being close to a good transportation network and having plenty of space is going to be vital. This sort of location is usually found on industrial estates where access to the main rail and road networks has already been factored into the design.
If you’re a start-up tech business, however, you location might not be as important as good Wi-Fi connections. You may want to be around other tech business so that you can benefit from networking with them which means a vibrant, inner-city hub could well be the best answer.
- Buying vs Renting
Another big choice you’ll need to make is whether to buy or rent. This can depend on several factors such as location but most importantly your cash flow. If you’re a new business, you may not be able to raise the capital for purchasing a property or to afford a mortgage.
Renting might also be a good solution because you want the option of moving to bigger premises when you start to grow.
- Energy Bills
When you look at any premises, you want an idea what the utilities are going to cost. If the building you’re moving into has ancient heating and old lighting, the chances are you’ll be paying more than with an ultra-modern complex. If the building is managed, you need to explore the options for getting your own gas or electricity supplier.
Working with an energy broker before you move into any new property can help with negotiating the right deal and finding ways to cut your costs in the long term.
- Growth Potential
What may well fit you snugly at the moment could be problematic if you suddenly begin to grow and become more successful. You need to ensure that your choice of property matches your future plans for business development, whether you are a start-up or an established company. Can you expand easily? Is it easy to add in new desks or equipment to cater for more employees?
Other questions to ask include whether there’s the opportunity to customise the property when your business grows and whether there are regulatory or building requirements that may interfere or benefit your organisation.
Another important step is to keep an eye open for the facilities. What is the Wi-Fi connection like, for instance? This is vitally important if you want your employees to have access to various online services and IT support. In managed business premises, you may well be stuck with what is on offer and it might not suit your purpose.
Finally, pay attention to what’s around you. If your property is in the heart of the city, how easy is it to access? If you’re on an industrial site, what café or shopping facilities are on site for your employees? Local amenities are almost as important as the business premises themselves.