A new setting for your business is a big step, so here’s how to do it right

Whether you’re finally moving out of your home study into a genuine office or upgrading your workplace to one which accommodates your growing business, a change of scenery is a big step for any company.

As a business owner, there are plenty of things to consider when looking for a new commercial property. From affordability to on-site facilities, finding a space which suits your business needs is no easy task. That’s why we’re here to help.

Here are 6 things you should consider when moving to new business premises. Let’s take a look.

Location and amenities

Location should be one of the leading priorities involved in your decision-making process. Neither you nor your employees want to have to travel too far in the morning, so you’ll need to decide on a spot which is convenient for everyone. However, if you’re also a business which is likely to be visited by customers and clients, then you need to consider whether your location will get enough passing trade too.

Ideally, your new premises should offer a rage of local amenities too. Not only will things make things more convenient for your team, but it will also give you the chance to connect with other businesses in the area.

Affordability

In any big business purchase, affordability should be a factor. This doesn’t mean just assessing whether you can afford to lease or buy premises, but whether you can afford to lease or buy them comfortably. Can you easily afford payments, even if circumstances change within your business?

It’s all about striking that balance between a place which will suit your business as it grows, and one which doesn’t stretch your current finances too thin.

Leasing or buying?

While we’re on the subject of finances, one decision you’ll have to make is whether you’re looking for premises to lease or buy. Would freehold or leasehold be the best option for your business? This will depend largely on where you are in your business journey. If you’re a new business, a short-term lease will make it easier to reassess your circumstances down the line. For larger companies however, buying could be a viable option to give you that extra security and control.

Transport links

Good transport links are a key consideration when choosing business premises, as you need to ensure that every member of your team can easily reach the office even if they don’t, or can’t, drive.

This is particularly important if you’re hiring employees who are fresh out of school or university, as they may not yet be able to drive or afford a car. Regular buses and trains may be their only option.

Parking

On the other hand, many of your employees will likely be driving to work, so parking is another factor you’ll need to think about. A lack of parking space is often a drawback of affordable office space which might otherwise seem like a great choice. You need to consider how many people are likely to be visiting your office daily and be able to accommodate this.

On-site facilities

On-site facilities are just as important as off-site ones. This includes kitchens, lockers, storage space, toilets and meeting rooms. On-site meeting rooms allow you to speak comfortably with clients without having to look for a meeting place elsewhere, giving a more professional air.

 

Need help getting your start-up off the ground? TEDCO Business Support has helped thousands of companies hit the ground running, so get in touch today and find out what we can do for you. Call our team on 0191 516 61 02 or email us at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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