Posted on: 23 May 2016

Jonathan from Talkspace Group comments, “The type of premises you rent or buy and the location that you pick will be partly dictated by the type of business that you are running and the amount you can afford – taking into account extra costs such as business rates, utility bills and insurance.”

It is essential to match your premises to your business needs and there are many different things to consider, a few examples include:

Location 
Consider where your business needs to be based in order to be successful, for example, if you are a manufacturer, ease of access to sources of materials and to your markets are essential.

Put in the time to research areas of growth, you can find out more about these on the Enterprise Zones Government website.

Tip: Consider the effect that changing your location may have on the personal circumstances of your employees; you must consider their rights and be ready to manage any redundancy or compensation.

Business strategy
Consider where your business is planning to go in the next five to ten years. You should ensure that there is space for expansion should you plan to grow significantly.

Paul Bagust from RICS and explains that business strategy is a fundamental part of choosing your business location, “A good thing to think about is your long term business plan and how you are going to grow going forward. If you think you are due to grow substantially in the next five years, you need to find a building that will allow you to do this.”

Specification
Ensure that you have listed down all of your requirements for your business building. Don’t forget things like car parking, loading and unloading facilities and utilities such as telecommunications facilities.

Who can help?  At this stage of your property search, you could seek the advice of a Property Consultant. They can help you to find a building which meets your business needs and can advise on negotiations. Don’t confuse this with the Commercial Property Agent who acts for the property owner or landlord.

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