How to Choose the Ideal Premises for Your Business

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The economic uncertainty of small business ownership can be emotionally draining.

From the struggle to attract and retain customers to watching your cash flow slow to a trickle, the downsides can often combine to overshadow the many benefits of running your own company.

When we add in the fact that around 50 per cent of all small businesses fail in the first couple of years, it can be enough to make staying with your existing employer even more appealing.

For those of you who’ve already taken the plunge into entrepreneurial waters, however, there comes a time when the purse strings should be loosened to pay for new premises.

Whether it’s your first time leasing or purchasing a property, or you simply require something much larger, the process can leave the unprepared exhausted AND thousands of pounds out of pocket.

But it doesn’t have to be that way.

In an effort to avoid howling into the existential void and bargaining with the property devil, simply read our top tips for choosing a business premises, without breaking the bank …

The Internet Is Your Friend

It makes no difference if you’re looking for shops for sale in Surrey or a warehouse in Widnes, your quest for a new property should begin by browsing the world wide web. At the mere click of a mouse, you can check what’s on offer near you in your price range, without taking money haemorrhaging breaks away from the coalface.

It’s All About Location

If you’ve ever watched a property programme on telly, you’ll know that location is absolutely vital when it comes to choosing a premises. Indeed, when it comes to a commercial property, it matters even more. Interestingly, there are things you may not have even considered that’ll stop potential customers in there track. For instance, narrow streets can stop foot traffic browsing in your window.

Don’t Blow Your Budget

As Mick Hucknall sang on Simply Red’s 1985 hit, “money’s too tight to mention” – and this lyric certainly rings true for small and medium enterprises everywhere. As a result, try not to blow your budget on a property that’s too big for your needs. Although it shows ambition and offers the opportunity to expand, you must cut your cloth to suit your means when purchasing or leasing.

Ensure There’s Adequate Parking

The days of people using their legs to walk to the shops are long gone, with the number of cars on our roads at a decidedly smoggy pinnacle. Consequently, it’s vital your search for the ideal premises includes ample parking for your customers. Ignore it and your “put out” customers will hurry into first gear and straight to the welcoming arms of your competitors.

 

Don’t Shy Away From a Fight

As a wet behind the ears business owner seeking the perfect premises, it can be intimidating coming up against bigger, more established competition. However, it’s crucial to note that a bit of competition is healthy. So long as your product or service offers your customers something different, shying away from a high street gunfight is unnecessary.

Now it’s over to you …

What would your advice be to a small business owner looking for the ideal property? Please get involved by leaving a comment below – we’d be delighted to hear from you.