Getting the Right Premises for Your Business

Getting the right premises is important for running a business. The right premises will make your business easier to run and more profitable besides reducing your operational problems. To reduce your risk of overlooking some points which may turn out to be vital while operating your business, you should approach the search of your property in a logical and organized way and seek advice when necessary.

To get the right premises, first of all you need to decide roughly which area you want to operate your business. Visit the site and get a feel of the area by doing some ground research such as finding out about the traffic flow in the area, the basic amenities available, public transport and demographic patterns. Once the area has been identified, you have to decide on the location of your premises. The location of the premises will enhance the value of the business. For instance, a shop which faces a major access road will attract a substantial crowd.

Your business strategy and ongoing plans also play an essential role in determining your commercial premises. You should identify clearly the nature of your business such as the number of employees, the processes used in the business, the plant and machinery required, your expansion plans, the transportation of raw materials to your premises, etc. Your chosen premises must be able to complement your business plans.

The next step to take is to prepare a specification of the premises you want. Work together with your interior designer or your architect on the detailing that you require such as floor area for business, floor area for storage, car parking bays, loading and unloading facilities, utilities requirement and statutory requirements.
The final step to consider is financial ability. Plan your budget on how much you can afford to pay for the outgoing on the premises. Outgoing includes service charge for maintenance, utilities expenses, insurance of the building, property taxes, and capital expenses for replacement of major items. From the detailed budget, you can decide whether to purchase or to lease the premises.