Finding the right premises for your business

Making sure you have the right premises is an important factor to consider when deciding to run your own business. This blog aims to help you get to grips with some of the things to keep in mind when finding the best premises for your company.

Initial considerations

One of the first factors to consider when finding a premises is what kind of business you are and what you need.

Businesses, such as cafes or small manufacturers, should think about the amount of room available for equipment, while warehouse operators and large-scale manufacturers might need more room and storage capacity. On the other hand, a small accounting firm could run in a more secluded area because business will probably be conducted in an office, mostly electronically. This means less space might be required, as desks and computers should be enough to facilitate the core operating needs of the company.

You should also consider the local business landscape. For instance, think about similar services your competitors provide. Where are they based? Knowing the density and location of business rivals can help you find a location of your own that will be conducive to your business’s success.

Cost, access, and style – further considerations you should make

As well as location, cost should be a major factor to consider and is likely to impact your decision. For instance, you could find premises that look fantastic and would fit your business needs perfectly, but the site simply isn’t financially viable to rent and run your business from. Other considerations, such as style and accessibility, should be balanced alongside your budget and what’s right for your company.

An accounting firm, for instance, could work more out of the way if its client base is generated electronically, but you might prefer a location in an easily accessible and visible location, keeping your business at the forefront of people’s minds. The style of the building is equally important too, as your building could be the cornerstone of your decorative style and brand. Perhaps the building’s design fits in with your company style and image, for instance.

You might also have an amazing online presence, with fantastic engagement from people who want to do business with you. However, if it’s particularly difficult for them to find and access your premises, you might lose those potential customers. The same goes for staff members. Choosing a location that is awkward for staff and customers to travel to could be damaging to your business in the long term.

Every kind of company will have its own requirements, so it’s important to plan for what you need and what you want when searching for premises. Plenty of room for equipment and storage, the ability to work efficiently, and accessibility for both staff and customers, with a price tag or rental fees that fits your budget, are key to finding the right premises for your business.

Projections for the future

While you might feel that the right premises is the perfect combination of cost, location, size, and style, there are other things you should keep in mind to future-proof your business. It might even be the case that your business does not need its own premises for the first few years of operating, and working from home could be suitable. Working from home can still provide a completely valid business model, but you should also still prepare yourself for the future all the same.

For instance, say you have made projections on the amount of business you will receive over the next 12 months. What if you beat those projections by a significant margin, unexpectedly? You should consider how much growth your premises can allow for before expanding or relocating becomes necessary. For this reason, you should think about how to balance size, affordability, and room for growth. It probably won’t be helpful finding a cheaper place if it negatively affects your business’s ability to grow.

After considering these points, you should be in a far better position to make an informed and sound investment in your business’s premises. With the right amount of preparation and thought, you’re sure to find a location that’s perfect for you, and will guarantee your business good growth for the foreseeable future.

How FSB can help you

FSB Business Creation provides people who are looking to establish their own business access to a range of services, designed to help and support new start-ups.

These services include access to:

• Help with company formation
• A dedicated help and advice line
• Insurance services
• Payment services
• Networking support

To find out more about how you could benefit from FSB Business Creation, get in touch with a member of the team or visit our FSB Business Creation page.