Every entrepreneur wants to build a successful business that generates a healthy profit year on year. Yet, the commercial property you choose will determine if your venture is a big hit with consumers or a failure.
It doesn’t matter if you’re looking for an office, warehouse, or shop; you must select the best premises for your brand. Here are three tips for picking the right business property in the UK.
1. Select the Best Location
Location is everything in business, especially if you’re opening a store, restaurant, or bar. Secure a steady flow of customers by establishing your business in a high footfall area, such as the high street. Busy locations might result in a higher lease rate that will eat into your profit margin. For this reason, you must strike the perfect balance between a retail location and premises price.
If you’re launching an office, warehouse, or another facility, location is important. However, it is smart to find a business property near motorways and public transportation to attract many skilled workers and organize hassle-free deliveries.
2. Rent Over Buying
Some entrepreneurs choose to buy a business property over a lease, as it will allow them to remain in full control of a premises. Yet, purchasing a commercial property is a big commitment, especially if a business is in its early stages.
If the pandemic has taught companies anything, it’s that nothing is guaranteed in business. Rather than tying your venture to an expensive mortgage, rent a business property to improve your company’s flexibility and profitability. It will decrease your monthly outgoings while allowing your business to move premises should it grow or reduce a team.
Also, you can secure the best lease for an office by reaching out to theworkplacecompany.co.uk. After learning about your company’s requirements, they’ll endeavour to find an office space that suits your needs and negotiate the best lease terms.
3. Consider the Size
Don’t under or overestimate the size of a commercial property. It is important to have a realistic idea of the amount of square footage you’ll need to successfully operate a business. After all, you don’t want to squeeze inventory, equipment, or employees into a tiny space. Yet, you will not want to pay for a substantial amount of space you don’t need.
Also, the UK has various health and safety regulations you must bear in mind. For example, employers must provide a minimum of 11 cubic metres per employee in an office. If you intend to incorporate much furniture or equipment, you must factor the objects into the space to operate legally and productively. Don’t forget the extra space you’ll need to store excess equipment, stock, or stationery supplies.
As you can see, you must consider many factors before investing in a business property, including its size, price, location, and health and safety regulations. It is crucial to identify your company’s exact needs to pick the right space to run a productive, legal, and profitable business.