Finding the right premises for many businesses can make or break. Whether your business owns a san office or a bricks and mortar store, location, price and utilities matter more than you think. If your business is a supermarket and is located outside the city, then it needs to have adequate parking as well as transport links so that employers and customers can access the building. Similarly, if you have a small office in a big city, the premises must be in place as well as providing great wifi so that employees can work online all day.
Overall, finding the correct premises for your business can make or break when it comes to costs, productivity, and accessibility; therefore, businesses should make it a priority when building or expanding their business through Validate Property. But how do you find the best location for your business? Well, this article aims to explore the right property through a step-by-step approach, which is tailored to your operational and financial goals, so your business can survive within this high-stress business environment.
Define your requirements
Before you begin searching for the best property for your business, create a detailed and specific checklist of what you require in your new premises to make the searches easier and to highlight the specific wants and needs of your business. This may be size or infrastructure; however, each business is unique, so you must cater to your business type and purpose.
- Size and layout- Firstly, assess your current team size and the essential machinery that you need to have in your building. This will then dictate how much floor space you need and how many square feet, approximately, in addition to room for growth, you may need.
- Utilities and infrastructure- Determine whether you need specialised requirements or infrastructure such as high-speed internet or heavy drainage, as this can be expensive to install or make running the business from the new premises a struggle.
- Access and parking- For employees and customers, parking or access by public transport is essential. This is also essential for suppliers to be able to reach the premises easily and quickly, which is harder with specific locations.
Choose your location
Location is critical to a business’s success in reaching customers and being accessible to suppliers and employees, and relies on the industry type whether that be industrial-based work or hospitality. This can be done through RICS desktop valuation.
Retail and hospitality- Those looking for premises for retail and hospitality need specific requirements when it comes to looking for a premise. Here location matters a lot with a high footfall needed to attract customers, whilst also being close to transport links and overheads low to ensure that the most profit is being made with the least amount of fixed costs.
Industrial- Industrial based companies need to think less about footfall and more about space and proximi Set featured imagety to material suppliers. This means that many industrial premises choose to be located close to main travel routes or the coast as well as in places where cost per square meter is low, to keep overheads low.
