You’ve got a brilliant business idea, and it’s time to think about how you’re going to action your plans and start generating leads and attracting customers. One crucial consideration is where to base your business. If you’re launching a new venture, here’s a handy guide to help you find the perfect spot.
More and more budding entrepreneurs are choosing to start a business at home. The most significant advantage of home bases is cost savings. If you can run your empire from a study, a studio or a workshop, you’ll save a substantial amount of money on rent or mortgage payments. A home headquarters is not a viable option for every business, but if it works for you, it might be worth considering taking this avenue, even if it’s a temporary solution. You can get your company up and running, and then relocate once you’ve started to make sales and expand your client base. If you are toying with the idea of getting things going at home, take a look at this useful article https://www.thebalancesmb.com/how-to-start-a-home-based-business-that-will-succeed-2948192.
Finding commercial premises
If you’re looking for office space, a retail unit, a showroom, or commercial premises to open a salon, a gym or a therapy business, for example, there are several key factors to consider before you make a final decision.
Firstly, how important is location? If you’re heavily reliant on footfall, and you need to be easily accessible from the town or city centre, you should focus your search on premises that are close to public transport links, shops, offices and restaurants, and densely populated areas. If you’re opening a cafe or a clothing store, for example, you need to be at the heart of the action. If you’re not reliant on passing trade, and you don’t need to be right in the centre, look for premises on the outskirts, as they are likely to be significantly cheaper. Once you have a location in mind, use sites like www.proplist.com and contact local agents to see what’s out there. The next consideration is your budget. How much do you want to spend? Prime spots come at a price, and you’ll need to work out whether the premium tag offers value for money for your business. In retail and hospitality, this may be the case, but if you’re offering services that don’t involve face to face client interaction, for example, you offer plumbing or roofing services, it doesn’t make financial sense to choose a commercial property hotspot.
Renting versus buying
If you’re exploring options for new business premises, it’s worth thinking about whether you want to buy or rent. The vast majority of new business owners opt to rent, as buying involves a much more substantial outlay. The advantage of buying, if you can afford to do so, is that you’re investing in an asset. This asset will hopefully appreciate over the course of time, and you might also find that paying a mortgage costs you less than paying rent.
Setting up a business is hugely exciting, but it’s essential to plan meticulously and to make the right calls when it comes to balancing the books and finding the perfect premises. Make your decision based on the type of business, the importance and value of location and your budget, and don’t rush into making that final decision.