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Expanding Your Business Premises? Here's What You Need To Know

By Features Desk

Monday, March 16, 2020.

It's certainly a milestone moment - you’ve managed to start up your own business and grow it to the point where turnover is relatively steady, clients regularly come back, you’ve taken on a few staff and now you need to physically accommodate that growth by moving to a new business premises. There are lots of things that you’ll need to consider in this situation, especially if you don’t have previous experience in commercial property hunting. It’s very easy to get it wrong and get stuck with a lease on a space which isn’t suitable for your business. As ever, planning and foresight are key. Follow these steps and you’ll soon be successfully installed in your new premises.

Make Your List Of Requirements

You may think you have a clear idea in your own mind of what’s needed, but always take the time to write out a proper list of requirements and sense check them with other people - you’d be surprised at what may come up that you didn’t think of before. What are your requirements and reasons for making the move? Do you need office space or warehousing? Will you need to accommodate specialist machinery? What size and layout would be ideal? Where could you compromise if necessary, and what is non-negotiable? It’s important to consider the longer-term as well as your immediate needs. Is business going to continue to grow on this trajectory? Will you outgrow the new space again before the lease ends? Trying to future proof your requirements will help you to avoid costly mistakes further down the line.

Pick Your Location

The single most important thing in choosing your new business premises is location. If you’re retail, footfall is everything and you need a location that will draw passing traffic and benefit from things like sporting events. If you run a destination business that people will travel to, that may not be the case and you can go for something less central, but you will need to consider parking or how well served the location is by public transport routes. The fabric of the building itself is important too - will the structure need any repairs or upgrades? Could you find yourself needing a landscaping firm or commercial roofing services?  If so, factor that into your costs. Any delivery restrictions on the building and all of the costs also need to be considered.

Tick The Legal Boxes

As a business owner, you are subject to certain legal requirements around your business premises that you will need to be sure you can achieve. This may include laws around areas such as food storage, health and safety legislation to protect your employees, and standards with product regulation. Your new premises needs to help you meet all of these standards. Never skip making sure that you have the correct business insurance cover lined up - it could make all the difference, and plenty of promising small businesses have been bankrupted over a claim that they weren’t covered for. There are also things like fire safety legislation to consider as well. Once you’ve checked off all these angles, you can feel confident in your mobe.

Expanding Your Business Premises? Here's What You Need To Know

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