Choosing the right property for your business is a major decision and it’s important that you think the issue through meticulously before going ahead to either rent or purchase a property. After all, the business property and location you chose can either succeed and your business will bloom, or it will break you and you will end up loosing money.
Finding the right property for your business niche may seem daunting, particularly if you’re uncertain what it is you are actually in pursuit of.
Every day we need to make evaluations and decisions. Some of the decisions we make are based on logical thinking, whilst others we let our emotions take over and come to a final decision by going with what feels like the right thing to do.
When you are dealing with a business it’s very important to select the right type of property for your business niche. Permitting your emotions to take over and not thinking logically about the location and type of property that would suit your business could end up becoming a calamity, resulting in a terrible misfortune.
Buying a plot of land to build your own premises
Before we go any further into talking about the selection of the right type of property for your business niche, lets talk about buying your own plot of land and building your own business premises to suit your needs.
Although businesses that are seeking their appropriate premises generally favour renting, you may feel that your business property needs specific qualities that you just can’t find in a rental property and your search on the property market is unfruitful. This is when it’s a good idea to purchase a plot of land.
Obviously you need to do your homework and check that the land you want to purchase is in the right location. You also need to check that you are able to get planning permission to build a commercial or business property on the land. The piece of land may well be located right next to a commercial area, and you may well presume because of this it will be available for building a business premises. But sometimes plots are registered as residential plots only. Be sure to get professional advice and the correct assurance on the classification of the land from the district administrative land office before purchasing it.
If you do make the decision to buy land and build your own business property you could always consider a modular building construction. These modular constructions are manufactured to suit the customer’s precise specifications within factory conditions. The buildings are then transferred to the site and assembled.
MTX Contracts are a prime example of a modular construction manufacturer that builds modular buildings to suit the businesses specific requirements.
Whether you decide to buy land, buy a business premises or rent a property there are many factors to think about. Below we have highlighted are a few things you should take into consideration when selecting your business property.
Is the premises customer accessible?
Businesses that cater for the general public and rely on customers to make a living obviously need customers in order to make a profit and stay in business. So, it’s vital that the correct area and the right type of property for your business niche is selected.
There is no point starting up a coffee shop that is hidden away in an area that no one visits. It’s so much easier to set up a business if it’s in a busy location rather than trying to attract the customers to come to you.
Transport access
Good access for transport should be taken into consideration. A busy main road will mean that your business will get noticed more by passing traffic. If your company is based on selling bulky goods or a large quantity of items to customers, a car parking area may well be needed.
Will you have large delivery vehicles needing to access the premises? If so a good access for large vehicles is essential.
Many people don’t own a vehicle, so it’s well worth checking to see if the location you have chosen is covered by some form of public transport.
It’s also well worth checking out if the district authority is due to commence any major road works in the near future that may affect access to your business.
If you business isn’t customer based, then there are many more locations and options for you to chose from. But you must take into consideration that if you decide to rent or buy an office that is a part of a large commercial or business building there may be added service and maintenance charges, which can sometimes be quite expensive.
A business property that suits your business
The saying goes ‘never judge a book by its cover’ but when you are running a business this phrase must go out the window!
If you are selling antiques or dealing with vintage products then obviously searching for a property that gives the right look and atmosphere which supports the framework of your business will fair better in meeting the expectations of your customer.
Antiques would do well in old rustic period building, whereas customers would expect a modern beauty clinic to have a clean, fresh, modern outlook.
Meeting your needs
It depends on what your business will entail as to what your needs will be. If your business involves using heavy machinery then you would need to certify that the premises can cope with the large electrical output that will be required. The same goes for a good internet connection if there is a lot of online work involved within your business.
Legal Obligations
If you’re planning to change the use of the premises you will probably need to apply for planning permission or possibly a permit to allow you to do so.
Health and safety certificates may also be needed. Also, consideration must be given to what facilities you are required to provide by law. You may need to consider offering a disabled access to the premises.
This blog was written by MTX Contracts – modular healthcare building specialists, providing fast track modular buildings to clients throughout the UK.