One of the most important, yet often overlooked, factors of running a successful business is choosing the right premises to operate from. The right premises will vary depending on what kind of business you are running, and there are many different factors that you should consider.
In this guide, we will explore how you can choose the best premises for your business.
Location is very important for many different types of businesses. While the Internet has made it easier than ever to do business from anywhere in the world and communicate with contacts and customers regardless of location, not every business can run entirely online and remotely. For example, if you are in the hospitality industry, you will still need to be in close physical proximity to your customers. Working out the demographic of your customers or target market can help you to choose a good location. For example, if you are running a bar and your target demographic is young people, you will probably want to be near a city center. If, on the other hand, you are running a farm store, you will want to set up in a more rural area.
You will also most likely want to be near to the suppliers of your stock. Striking a balance between proximity to your customers and to your suppliers can be tricky, but many areas such as business parks and industrial estates provide this opportunity.
Another thing to consider is that you will probably want to be close to your staff so that they can commute to work. Moving to an area that is accessible and has good transport links can also provide you with a larger pool of potential new hires. If you are offering jobs to graduates, moving close to a college can be a smart move.
Depending on your company, different utilities may be your priority. If you are running a restaurant, adequate gas will be of utmost importance. If you are in IT, a fast and reliable Internet connection will be essential. If you decide to rent an entire building rather than a single office or unit, you should factor in if maintenance services like gas furnace repair are included in your monthly rent.
The interior design and physical space of the office or premises are vital to daily operations and the success of your business. If you are running a hospitality or retail business, the space needs to be pleasant and appealing to customers, otherwise, nobody will want to spend time there! Even if you are using an office that members of the public will not be visiting, you want it to be a pleasant space for your employees to spend most of their day. Research shows that offices that are clean, pleasantly furnished and decorated, and laid out efficiently result in staff being happier and more productive.
Of course, your budget will heavily influence the kind of premises that you choose for your business to operate from. However, this doesn’t mean you should always pick the cheapest option. For the above reasons, choosing the ideal premises can have a huge impact on your business’ success, so a little more invested in premises can significantly increase profits. Using a business loan to afford a slightly pricier location can end up being a good investment.