Top Considerations When Choosing Your Business Premises

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Choosing the best location for your company is crucial. Location, total space available, building function, and other factors all play a role. To help you make this tough decision, we have created a list of suggestions for choosing the ideal building for your business.

What Type of Business Do You Run?

The most important question is: what kind of business do you run (or plan to run)? A barbershop/hair stylist's needs are very different from a storage facility's. Your business model will heavily influence:

• Location: A service business or shop should be located in a town/city where people live and work. Factory or industrial firms will need to locate outside residential zones and possibly city limits.

• Consider whether clients will come to you or if you will go to them when choosing a venue. How many clients can you expect to arrive at your location?

• Does your company need exposure?

• How will the company grow? Do you want to grow?

• How many workers will be there?

• Accessibility. Is it easy to reach your location? Do you need to be easily accessible? Can clients/customers/employees easily get from parking to other locations?

• Does the building's style match your brand? Do the building's appearance, function, and style represent your brand and message? If the facility is mostly industrial, with only workers coming to work, branding is less important than a head office where clients come to transact business. However, if your facility often encounters clients, then building style is vital in establishing a good first impression.

• Choosing the right space should also consider building function. Obviously, every firm has unique needs for its buildings. Keep in mind what the structure must perform to support your firm.

Know Your Goals

Know what you want before you start looking for a commercial place. Make a list of your priorities. Consider some of the questions from the previous section as you make your list. Also, note what you would like your new building to include. The space may be secondary or aesthetic to you, but it all adds up to branding and message. 

Think outside the box and keep an eye on the big picture. Preferably in order of preference. The more specifics you can provide early on, the easier it will be to limit down your options. Design/architects can also give particular comments on your ideas when working together to develop a new building or renovate/adjust an existing one. Your ideas may be more or less realistic than you expected.

Consider Costs

Purchase or construction of new business premises is usually constrained by cost. Again, look at the broad picture to determine the entire building expenses. If you are planning to build your premises then you should research things such as Steel frame buildings and the best architects in the area. 

Depending on your business, you may be required to pay additional costs to begin operations at the chosen location. Factories and other enterprises will need to consider permissions. Restaurants, for example, require permits to offer alcohol. Legal fees may vary depending on where your company is located. Not only that, but your business will have to invest in insurance coverage of its employees and all the assets of the company. Professionals at Simplex Group suggest companies to complete all the insurance related formalities at the earliest as absence of insurance might create some complications in the future.

Location

Location is a key aspect in deciding where to build or buy commercial premises. Location impacts the firm in many ways, as indicated above. Here's why location is vital:

• It affects your business's delivery prices.
• It affects your company's exposure.
• It affects how many clients visit your store in person.
• It determines client and employee accessibility.

A firm in a downtown area will pay much more rent than a business in a rural area. It also determines your business's utility options. For example, semi-trucks may enter and exit cities more easily. For certain companies, it may not matter. Online businesses may not require a central location. Choose your location carefully, and consult any architects or commercial contractors you may be working with.

These are four areas that you need to consider when choosing your business premises. Do you have any other tips that could help? Please, share some of them in the comments below.

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