Business

How To Source The Most Suitable Premises For Your Unique Business Needs

How To Source The Most Suitable Premises For Your Unique Business Needs
Photo by Laura Tancredi from Pexels

Running your own business takes an enormous amount of time, planning and funding, and there are many different risks and features that can impact upon your chances of achieving success. Avoiding these difficulties can be a little tough, but it’s vital that you can maintain the highest standards if you want to be able to exceed expectations. 

One huge factor that can influence your abilities as a team is your business premises, as the location of your company and the space and equipment that they have access to can either make or break your shot at commercial super-stardom. Fortunately, figuring out exactly how to source the perfect business premises needn’t be as impossible as you might initially imagine, as there are in fact just a few key tips and tricks that you can make the most of to find the ideal spot for your team to thrive. So, if you’re interested in finding out more, then simply read on! 

Set a Suitable Budget

First and foremost, you need to set a suitable budget that provides you with enough funds to source your ideal business premises. Failing to set a large enough budget could cause you to settle for something that falls well below expectations, more specifically something that is lacking space and in need of modernization. There’s no reason to buy a property that doesn’t fit your requirements, as you’ll only be causing more trouble for yourself and your team. In order to set a budget that gives you enough room to maneuver, take a look around at the general price tag of the type of properties that you might be interested in. This should give you some sense of direction as to how much you’ll need to spend, and you can then go about sourcing the appropriate funds to make sure you have enough cash to splash on something that suits your needs as an organization. Just as you shouldn’t underspend, it’s important not to overspend eitherm. Though a particular premises may have all of the newest features and fittings with an enormous floor plan, it will no doubt come with an excruciating price tag! Try to find a happy medium that allows you enough money to source a good quality property that meets your needs without going overboard. 

Choose The Perfect Spot  

Once you’ve been able to establish a suitable budget, it’s time to start your search for the perfect spot. The location of your new business premises will impact your success dramatically, as you need to make sure you’re in the right place for deliveries, staff, customers and so much more. Of course, the type of business that you run will impact upon your location requirements, as a production line that creates heavy noise pollution would need to be away from suburban areas to avoid disruption, whereas a customer facing store front would need to be right amongst the hustle and bustle of a jam-packed city center. You need to spend some time scouting out your options, taking into consideration a variety of different influencing factors that could change your decision – for example, price (inner city is often far more expensive than remote premises), transport links (highways, train routes, etc), security (local crime rates, etc) and so much more. Taking a physical tour of your potential premises locations is far better than simply reading information online, so get out there on foot to find the right spot where your new property will flourish. 

List Your Necessities 

Your next priority should be the creation of a list of necessities and expectations that you have for your business premises, as you simply cannot explore property without knowing what you actually want or need. Your necessities will depend completely on the type of business that you run, as every company’s needs are individual – that’s why you need to take the time to make your own list, as you cannot take inspiration from elsewhere when your requirements could easily be so different. Your list can include things such as a certain amount of floor space, different rooms that can provide different purposes (e.g. a combination of factory floor and office space), amenities or utilities such as gas, water or super fast internet and anything else that will make your job easier. Think about any struggles you might be having in your current premises, as your new location should be able to put an end to these issues if you make an effort to purchase the right property. Once you have a list of necessities you can begin to approach different estate agents and realtors that can use your requirements to find a list of potential options to view, and this will definitely help to reduce the total time it takes for you to match with your dream commercial property. 

Renovate & Personalize Your Premises

When you find the right premises that meet your needs and surpasses your expectations, it’s time to start renovating and personalizing the property to make sure it’s as functional as possible before welcoming your team to their new surroundings. You need to maintain security, give each room purpose and set up every piece of machinery or equipment that your staff need to flourish, and this can be a much larger job than you might first imagine. Be sure to start off with the structure of your premises as this is what matters most – you may need to shell out for a roof repair/service to make sure it’s watertight and weatherproof, as you don’t want to deal with leaks and subsequent mould as soon as you start operations. Check brickwork and walls are sound and insulation is in good condition, while installing the most appropriate flooring to protect against damage. Make workspaces as welcoming and comfortable as possible, utilizing natural light to keep your staff awake and alert while purchasing ergonomic furnishings that reduce aches and pains. 

Sourcing the most suitable premises for your business needs has never been such a simple task after reading through the many brilliant tips and tricks detailed above, so what are you waiting for?!

About the author

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Steven Ly

Steven Ly is the Startup Program and Events Manager at TheNextHint Inc. She recruits rockstar startups for all TC events including Disrupt, meetups, Sessions, and more both domestically and internationally. Previously, she helped produce Dreamforce with Salesforce and Next '17 with Google. Prior to that, she was on the advertising teams at both Facebook and AdRoll, helping support advertisers in North America and helped grow those brands globally. Outside of work, Priya enjoys Flywheel, tacos, the 49ers, and adventuring around the globe.

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