How to Choose a Property for Your Business
Are you looking to expand your business or make a move in 2019? Then, you will want to consider the type of property your business will be moving to before actually setting your heart on anything. After all, it’s a big decision and can have huge repercussions for your business in the long run. Before committing you want to make sure that the new property you have chosen is as close to perfect for your business as possible.
With that in mind, here is how you choose the right property for your fledgling business in 2019.
Look for Great Amenities
Your staff, customers or clients will be more likely to enjoy working or buying from you if there are a swathe of great amenities in your area. This means have good travel links via trains, trams and bus; as well as good parking for those who prefer to drive on the whole. If there are some good shops around the location then footfall will also likely be high so that’s always preferable.
Consider Business Rates
Business rates while necessary can be quite damaging in the long-term for your business, especially if you don’t know much about them. In the UK, a business rate is the tax on a property that has a non-domestic use, in lieu of council tax on domestic properties (more or less). The more square footage your property has, the bigger your business rates bill will be and thus it is vital to consider when choosing a new property in 2019.
For example, if you are a small business then don’t choose a large shop or big office to house your relatively small operation. If you do, then you may find yourself tied to a business rates bill which is unmanageable and may cripple you in the long term.
If you run a home business, then you don’t have to pay business rates unless under very extreme circumstances. For example, if you converted a garage into a hairdressing salon then you would be obligated to pay a mix of both business rates and council tax on the domestic side of your property. But, it tends to be very rare that you would be forced to make such considerations with a home business (as most just work out of a home office and this does not count in terms of business rates).
Location Does Matter
We all know the phrase location, location, location. It’s used on house hunting shows on television often enough after all. But, it can also be applied to commercial business properties as well. If footfall is crucial to your business, then you cannot disregard location as a major consideration prior to settling down your shop or offices.
Location can mean a great many different things depending on your business. It may mean placing your business in an area rich in your industry. For example, artisan pastry shops can often be found in quite close reach of one another. While other types of business prefer to be as far apart as possible, if you’re a dentist, for example, being next door to another dentist is often not a very wise decision in the long run.
Know the Landlord
Do you know who you are going to be paying rent to for the next 3, 5 or 10 years? No, well then actually doing your research before agreeing to sign any type of let agreement may be your best form of action. A bad reputation as a landlord is often hard to cover up, so don’t be afraid to go digging in order to protect your business and future prospects.
On the whole, if you’re confused about anything then you may need the help of a commercial property management team such as at Roger Hannah & Co in order to clarify/sort the type of commercial property your business ends up in. If not, then make sure you take all of these considerations and make a choice which actually suits your business. Otherwise, you could find yourself in trouble or regretting the property you end up with down the line.