Considerations For New Business Premises

by Carter Toni

When you are looking at new business premises, it is important to stop and take stock of what you need and what you want. Jumping in and going for the first premises that you view may not always be the best decision to make. Taking into account what new premises can offer you and your business both now (and in the future) will ensure that you make the right choice moving forwards.

The Cost and The Outgoings

How much you want to spend, and how much you can afford to spend are crucial to your search for new premises. If you end up spending more than you want to, or even more than you need to, then this will affect your bottom line (and your profit margin). When it comes to establishing costs for new premises, it is important that you look at outgoings. Rent, utilities, insurance and maintenance costs will all form part of the outgoings. When you get to grips with how much a location will cost to rent or purchase, as well as how much it will cost to run, you will be able to then make an informed decision about how to proceed.

Fixtures and Fittings

When you are searching for new premises, you have to think about what fixtures and fittings will be included. You also need to think about what you will need to add (to accommodate your business). Without the correct fixtures and fittings, your new premises may not be fit for your purpose and this may end up costing you more than you originally bargained for. Drawing up a list of what fixtures and fittings your new business premises will need will ensure that you only look at suitable locations.

Daily Running

As well as the costs associated with business premises, you also need to take into account daily running costs, and the daily operations. For example, the differences between household and commercial bins may not mean much to you right now, but further down the line in your business, it may affect the rates you pay, and it may affect how much you can recycle (and even reuse). Looking at daily running costs and taking into account how quickly they add up will allow you to see just how affordable a business premise is (both now and in the future).

Location and Accessibility

Where do you need your new premises to be located, and is accessibility a major issue? Does your site need to be accessible for deliveries, or perhaps even for customers visiting. Of course, readily accessible locations often come with higher values, and this is something you will need to weigh up. How important is the location to you and to your business and is it a deciding factor?

Value For Money

When all is said and done, you want to ensure that you get good value for money out of your new premises. If you feel that you are paying over the odds, or if you feel that you are getting poor value for money this will affect how well you run your business, and it will affect your attention and focus too.

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