Starting your own business could be the first step towards earning your fortune. As your business flourishes, you may be required to start looking for a fixed location, or you may be looking to relocate after a lack of business in a particular area.

Whatever the reason, when searching for new premises, there are things to consider. Why not take a look at these suggestions to see what you could look for in your new business premises?

Can you start your business from home?

While your company is still young (with relatively low profits and a gradually growing turnover) it may be possible to start up from home. Not every type of business needs office or storage space immediately, so working from your own home could be a good way to save your company some money. Stock could be stored in a spare room, garage or attic, and once you are more firmly established, you could consider looking into premises.

Location

Do you really require a prime location for your new premises? For example, a shop reliant on storefront advertising could see a major impact on profits from a central location.

Prime locations include busy high streets and shopping centres that allow for maximum visibility of a brand. Other types of businesses, however, such as designers and warehouses, may not be as reliant on spur of the moment custom. Other considerations, such as transport links, could be very important to staff, though.

Does the area suit your business?

A broader consideration could be to look at the surrounding area as a whole. Business owners could consider things such as the number of potential competitors in an area, and whether it is considered upmarket or downmarket. For example, a luxury bathroom showroom may not suit a high street that is otherwise filled with charity shops. Likewise, a cheap discount store may not be well received in high streets lined with expensive outlets and jewellery retailers.

Consider thinking of your target market and considering where they might live.

To rent or to buy?

Being new to the market could mean that, as part of your decision making process, business owners consider the merits of buying against renting. If turnover is still developing, renting could be a better option, so that large amounts of money aren’t tied up in property and relocation is easier. On the other hand, buying a commercial property could prove a worthy investment for those with available funding. You could sub-let different floors, and the property could rise in value depending on the market position.

 

Sources:

http://uk.businessesforsale.com/uk/search/Commercial-Property-for-sale/articles/How-to-choose-your-business-premises ; http://www.nibusinessinfo.co.uk/content/choose-right-location-your-business-premises

http://moneyfacts.co.uk/guides/business/take-out-a-commercial-property-mortgage-or-rent121011/