Location, Location, Location: The Importance Of Good Business Premises

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The specific requirements you need from a sound business premises will differ depending on what industry sector you are trying to establish yourself in. If you’re a restauranteur, your needs will be vastly different to a haulage and logistics company. However, all good business premises will share some features irrespective of the sector you work in. The purpose of a decent premises or office is to enhance your brand, boost your visibility and bring in more revenue. Take a look at why your business premises should be ticking all the right boxes.

Numbers

Before you go hunting for the latest patch of prominent real estate in which to start your business, you need to do some financial calculations. It makes no sense to pick up the keys to a 50,000 square foot warehouse if your import business has no stock as yet and is starting small on eBay and other well-known auction sites. Plough your money into good premises but only pay for the space you need. More important is the location rather than the square footage.

The Essentials

It’s important that you ensure all of your legal obligations are fulfilled. Sign the relevant contracts and consider using the services of a company like Phoenix Insurance Brokers to locate the best value deals on professional and public liability insurance. Paying a monthly premium will ensure that should anyone slip on your polished floor or attempt to make a claim against you that your business has some legal backing. This could be the difference between staying afloat and seeing your business dreams slip away.

Be Seen

If you are a business that relies on footfall such as a salon, eatery or retail establishment, you need to find a prominent location that not only has passing traffic but has your target market walking past on a daily basis. If you’re providing the latest Vietnamese street food to the masses, a city centre location is ideal, rather than a side street that no one ever ventures down. It’s vital that your brand, imagery and ethos is reflected in the building in which your business is situated. If you are providing a boutique retail experience selling high-end ladies fashion, make sure your premises is modern, welcoming, bright and spacious. You want to create a high-quality consumer experience the moment your customers step through the door.

Don’t Overstretch

Remember this is the first business premises for your startup. You are not signing your life away or committing to a long-term lease. Opt for something short-term and reassess your business situation every six months. You may find that you need to expand. By not over-stretching yourself early on, you will be in a stronger position to move on and find new, larger and more suitable premises for your company.

Going it alone in business can be one of the scariest yet life-affirming things you ever do. Get your choice of premises right the first time, and you could see your startup go from strength to strength.

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