If your business has reached the point when operating out of the spare room is no longer an option, it might be time to consider buying or renting an office space. A very different kettle of fish to homeownership, the considerations here are all about practicality. Here’s our list of the top three things to consider when it’s time for your business to move on.
The location of your new premises could make or break your business. Consider size, cost and transport links as the key factors. Often you will need to compromise on one to accommodate the other.
If your business is likely to do well from passing trade, paying more for a central location in town is likely to be a good choice since this will help to facilitate growth. Of course, you may need more space than you can get or even afford in a central location.
Transport links are the key factor. How far is your current client base spread out? How will customers be travelling to see you? Making sure you are within walking distance of the train station or bus stop is a necessity. Being near to a junction on an interchange or at least off a well-maintained road will make sure customers can reach you easily.
Even if you only have minimal staff at the moment, consider what your future needs are likely to be. A cheap premises in the middle of nowhere might seem great, particularly if your clients find you online, but it will hinder your future employment choices. Remember that the people you employ as the business grows will most likely be sourced from the local area. Ensuring you are in a position to attract some of the best employees will mean your company remains strong in the future.
2. Maintenance Costs
Unlike houses, businesses renting premises can sometimes be responsible for certain maintenance costs. It pays to do your homework and know what it likely to be expected of you. Make sure you have a clear agreement on who is responsible for what.
If you are buying, you need to know how much maintenance will realistically cost you a year. Assess the building and try to ensure that all major work is carried out before you move in. Thoroughly research the cost of commercial services and don’t assume they will be in line with what you pay for your home. Check out commercial roofing in St. Louis for an idea of roofing costs.
Think long term. It’s not just about the capital you have available now and what’s out there. A small premises in the town centre might not give you much room to grow and diversify. In contrast, a larger spot further out might facilitate faster growth of the business. Constantly moving a company from one premises to another is detrimental to staff, customers and capital. Try to make a move that will last you, or even choose a space you can grow into over time.