Guide to Choosing a Business Premise

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When starting a business, there are a couple of things that you have to handle first before you begin operations. You first have to conduct extensive market research to know what you need to be selling. You will also need to have the capital to get the necessary supplies and staff if need be. And most importantly, you have to nail down the premise for your business. This is important as it is the location that will be reflected in your business card and other documents. When choosing a business premise, consider the following:

The Location

The location has to be strategic in terms of accessibility from the city center. A core number of your customers will be operating from the central business district, and the distance to your office has to be convenient both for them and for your staff. Therefore avoid places that are too far away. It would help if you also considered how the place would be in five years’ time. A location may be too far, but if it holds the promise of growing big in the future, then you can settle in early enough.

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Leasing vs. Buying

When you are a new start-up, buying a business premise may be too much of a long shot and beyond your budget. For most, renting out becomes the best option as it is much cheaper. The benefits of renting include the option to relocate anytime, as well as expand as you wish. Buying a business premise makes sense if you are an established force in the market with a huge working staff that requires a bigger space. You may need to buy the whole building.

However, other options are cheaper than setting up a whole building from scratch or buying one. You can go the prefab route and create office space out of containers on your own land. You can also choose to import a better designed and a cheaper container house from China that will serve your immediate needs and give you the free tenancy you need until you scale up, please click here for more information.

Security

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Another critical factor that you should keep in mind is the security of the premise. Most offices are located inside skyscrapers with several floors. Providing ample security for such a business complex can be a tall order for anyone. The first thing you should assess when looking for a business premise is security. You have to be at ease when you leave your car in the parking lot, and at the same time, you have to be at ease when you leave important documents and equipment inside the office.

Legal Considerations

If you are an established business looking to build their own offices from the ground up, you have to be aware of all the laws that govern the building of such buildings. You have to be mindful of the state laws that govern constructions. You also have to adhere to safety rules that require all buildings to have emergency exits, fire extinguishers, and other safety regulations.

If you are leasing office space for your business, there are also some legal requirements that you have to see to, like the leasing agreements, and the rules that govern how things are operated inside the building since you will not be the only ones using it.

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Your Competition

Sometimes it does help to know what your competition is up to, and to have this kind of information; you will have to be as close to them as possible. Having an open office plan can give you sin digits on how your competition operates. However, it is a double-edged sword that cuts both ways; what you stand to gain from them, you also stand to lose to them. You have to weigh how your proximity to your competition affects your business and then make the correct call.

The Rent

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When people hear the word rent, the first thing that clicks in theory minds is the money they pay for the space they are occupying. But it goes further than that. Rent encompasses the services that are offered to you as a paying client. Therefore, what you are paying should be commensurate with what you are getting. You may need to pay far too much for services that are not up to par. You must also be aware that the rent may go up depending on other costs like utility and electricity bills, which vary from month to month.

Manage Your Expectations Early

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One misfortune that usually befalls many start-ups is underestimating or overestimating themselves in regards to their future growth. The worst mistake you can make is splashing big on a business premise only to expand beyond your projections forcing you to look for a new place, which means changing your address again. The worst-case scenario is overestimating your growth by renting out a bigger space only for all the little you make to be gobbled up by the rent. Manage your future expectations accordingly.

Conclusion

A business premise is not a lifetime commitment. Whether you lease or buy, there are two things that you will have to face somewhere along the way; You may either grow to the point where you will need new space, or you either crumble, forcing you to close down. Consider all these scenarios as you search for that perfect premise for your business.

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