11.01 – Location, location, location
Choosing the right location for your business is crucial. While working from home can be a great start, there might come a time when you need a dedicated business premises. This decision involves navigating complex regulations and practicalities, such as finding, fitting out, and settling into a space. These regulations extend beyond the physical premises to include opening hours and health and safety standards.
Key decisions include determining the amount of space needed, whether to rent or buy, and what equipment to fit into the premises.
Calculating Requirements
First, assess how much space and what facilities you need. You can create scaled drawings and cut-out models of the necessary items like chairs, desks, and tables to arrange them efficiently. Alternatively, you can use software tools like Trimble’s SketchUp (www.sketchup.com) or SmartDraw (www.smartdraw.com) to create digital layouts. These tools offer templates and help services to assist in planning your space.
Finding The Right Premises
Once you know your requirements, start searching for suitable premises. You can visit local estate agents, read the local press, or use online resources:
- Official Space (www.officialspace.co.uk) offers access to over 6,000 flexible offices for rent.
- Estates Gazette’s Property Link (www.propertylink.estatesgazette.com) lists over 40,000 commercial properties.
- Realla (www.realla.co.uk) is a search tool for commercial properties.
- Shopproperty (www.shopproperty.co.uk), Zoopla (www.zoopla.co.uk), and Rightmove (www.rightmove.co.uk) offer retail premises for sale and rent.
Renting vs. Buying
Deciding whether to rent or buy your premises depends on your business needs and financial situation.
Buying offers advantages like making alterations without landlord approval and benefiting from property value appreciation. However, it requires substantial upfront investment and can be restrictive if you outgrow the space.
Renting provides flexibility and requires less initial investment but comes with obligations like long-term leases, potential rent increases, and maintenance responsibilities.
For guidance on business leases, visit Net Lawman (www.netlawman.co.uk/ia/business-property-leases) and the Ministry of Housing, Communities & Local Government (www.gov.uk/government/publications/renewing-and-ending-business-leases-a-guide-for-tenants-and-landlords).
Sorting Out Equipment
After securing your premises, you need to furnish them. Consider purchasing second-hand equipment to save costs. Useful sites include:
- Auction Guide (www.auctionguide.com) for live and online auctions.
- Greasy Machines (www.greasymachines.com) for used manufacturing equipment.
- Wantdontwant.com (www.wantdontwant.com/buy) for used office furniture.
Additionally, online business-to-business directories like Businessmagnet (www.businessmagnet.co.uk), Kellysearch (www.kellysearch.co.uk), and Kompass (http://gb.kompass.com) can help you find suppliers for new products.
By carefully considering your location, space requirements, and equipment needs, you can create a productive and efficient workspace for your business.
